Citibank stated in its latest report that stablecoins not only have the potential to strengthen the dominance of the US dollar, but also challenge the idea that Bitcoin will one day end the US dollar's hegemony. Analysts in the report said, "Initially, cryptocurrencies such as Bitcoin were seen as competitors to central bank-issued currencies. In fact, some people believed - and still believe - that Bitcoin may ultimately end the US dollar's hegemony. However, USDT is challenging this idea." Citibank pointed out that the vast majority of stablecoins are pegged to the US dollar, and the issuer holds both US dollars and US government bonds. Analysts also said that if the US government further legalizes stablecoins, this could enhance the dominance of the US dollar.