US weighs overseas push for dollar stablecoins

• The Trump administration is considering promoting dollar-denominated stablecoins overseas to reinforce the dollar’s reserve status.
• The proposal could involve joint ventures between federal agencies and private-sector firms.
• Potential participants include the Treasury Department, State Department and US International Development Finance Corp.

The Trump administration is considering promoting dollar-denominated stablecoins overseas to reinforce the dollar’s reserve status, according to a report by Bloomberg.

The proposal could support stablecoin projects through joint ventures with private-sector firms, potentially increasing demand for US government securities.

The effort could involve the Treasury and State departments alongside the US International Development Finance Corp., Bloomberg reported, citing people familiar with the plans.

Stablecoin issuers typically back their tokens with cash and short-term government securities, linking overseas adoption with reserve-asset demand.

The Genius Act, signed by President Donald Trump in 2025, established federal stablecoin rules requiring reserves including dollars and short-term Treasuries.

Stablecoins have gained adoption among financial firms, while most tokens currently circulating remain pegged to the US dollar.

The proposal comes as other economies develop alternative digital-payment infrastructure, including Project mBridge and the European digital euro.

The initiative remains under consideration, with no public programme, private-sector partners or implementation timetable announced.