Stablecoins in Spotlight as U.S. Begins to Lay Ground for Rules on Cryptocurrencies

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WASHINGTON—The Biden administration is taking aim at so-called stablecoins as it begins to lay the ground for stricter regulation of cryptocurrencies that could shape the future of digital money.

Stablecoins are a form of digital currency issued by companies such as Tether Ltd. and Circle Internet Financial Inc. and designed to combine the stability of national currencies like the dollar with the ability to trade quickly online like bitcoin.

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