Trump administration reportedly weighs overseas push for dollar stablecoins
Bloomberg reports the White House is exploring public-private ventures to spread dollar-backed stablecoins abroad, a move tied to Treasury demand and reserve-currency competition.
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The Trump administration is exploring a coordinated effort to expand the global use of dollar-backed stablecoins, according to a Bloomberg report published Wednesday citing people familiar with the plans. The initiative would reportedly pair private-sector companies with multiple federal agencies, including the Treasury Department, the State Department and the US International Development Finance Corporation (DFC).
The goal is twofold: widen the reach of dollar-denominated digital assets and, in doing so, strengthen demand for US Treasurys. Dollar-backed stablecoins typically hold Treasurys as reserves, so broader circulation of those tokens could increase purchases of US government debt.
The reported push comes as other major economies accelerate their own digital-currency projects. China's digital yuan is already part of Project mBridge, a platform enabling cross-border transactions using central bank digital currencies. Meanwhile, the European Central Bank is slated to launch a 12-month digital euro pilot in the second half of 2027.
Senior US officials have repeatedly tied stablecoin growth to maintaining the dollar's status as the world's primary reserve currency. In February 2025, then-White House crypto and AI czar David Sacks said stablecoins could "extend the dollar's dominance internationally" and potentially spur trillions of dollars in new demand for US government debt.
Treasury Secretary Scott Bessent made a similar case in July 2025, arguing that the GENIUS Act—which created a federal regulatory framework for payment stablecoins—would strengthen the dollar's global standing, broaden access to the dollar economy, and boost demand for Treasurys.
The Treasury has been implementing that law since. On August 17, it issued a proposed rulemaking notice seeking public comment on rules covering the issuance, offering and sale of payment stablecoins, with Bessent saying the regulations would help "cement" the dollar's reserve-currency status.
Cointelegraph reached out to the Treasury, the DFC and several US-based stablecoin issuers for comment but did not receive a response before publication.
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