According to a report released by the U.S. Treasury Department on Wednesday, the department is concerned about the growth of the stablecoin market and believes that privately issued stablecoins should ultimately be replaced by central bank digital currencies (CBDCs) supported by the state. The report, written by the U.S. Treasury Department's Office of Debt Management, stated: "Similar to how private 'wildcat' currencies issued in late 19th century were replaced with government-backed central bank money, Central Bank Digital Currencies (CBDCs) may need to replace stablecoins as the primary form of digital currency underpinning tokenized transactions."