The Trump administration is considering an initiative to promote dollar-backed stablecoins overseas as a tool to reinforce the US dollar's position as the world's reserve currency, Bloomberg reported Wednesday, citing people familiar with the plans.
Under the proposal, the US government could form joint ventures with private-sector stablecoin issuers. Several federal agencies would be involved, including the Treasury Department, the State Department and the US International Development Finance Corporation (DFC), according to Bloomberg.
The push aims to broaden international adoption of dollar-denominated stablecoins while simultaneously boosting demand for US Treasuries, which back most major stablecoins and serve as a standard reserve asset.
The initiative comes amid growing global competition in digital payment infrastructure. China's digital yuan is already being used in Project mBridge, a cross-border central bank digital currency transaction platform, and the European Central Bank is preparing a 12-month digital euro pilot expected to launch in the second half of 2027.
Senior US officials have publicly linked the expansion of dollar stablecoins to preserving American monetary influence. In February 2025, David Sacks, then serving as the White House crypto and AI czar, said stablecoins could "extend the dollar's dominance internationally" and generate trillions of dollars in additional demand for US government debt.
In July 2025, Treasury Secretary Scott Bessent said the GENIUS Act — which established a federal regulatory framework for payment stablecoins — could strengthen the dollar's reserve-currency status, expand access to the dollar economy and increase demand for Treasurys. Bessent added that implementing rules under the act would help "cement" the dollar's global standing.
On Aug. 17, the Treasury issued a notice of proposed rulemaking seeking public comment on provisions governing the issuance, offering and sale of payment stablecoins under the GENIUS Act.
Cointelegraph contacted the US Treasury, the DFC and several US-based stablecoin companies for comment but did not receive a response before publication.
