TLDR The Trump administration is reportedly considering a plan to promote dollar-backed stablecoins in other countries, according to Bloomberg. The plan could include joint ventures between p
The Trump administration is reportedly considering a plan to promote dollar-backed stablecoins in other countries. The goal is to support the US dollar’s role as the world’s main reserve currency.
Bloomberg reported the news on Wednesday, citing people familiar with the plans. The report said the effort is still being weighed.
Under the plan, the US government could back stablecoin projects through joint ventures with private companies. Several federal agencies could take part.
These include the Treasury Department and the State Department. The US International Development Finance Corporation, known as the DFC, may also be involved.
Private firms that could join include stablecoin infrastructure providers such as Circle and Paxos, according to a Coingape report.
Dollar-backed stablecoins often hold US Treasurys as reserves. Wider use of these tokens abroad could raise demand for US government debt.
The GENIUS Act, passed last year, set a federal framework for payment stablecoins. It requires issuers to hold assets such as short-dated Treasurys to back their tokens.
Cointelegraph said it contacted the Treasury, the DFC and several US stablecoin companies for comment. It did not receive a response before publication.
US officials have linked stablecoin growth to the dollar’s global role before. In February 2025, David Sacks, then the White House crypto and AI czar, said stablecoins could “extend the dollar’s dominance internationally.”
Sacks also said they could create trillions of dollars in new demand for US government debt. Other officials have made similar points since then.
In July 2025, Treasury Secretary Scott Bessent said the GENIUS Act could strengthen the dollar’s status as the global reserve currency. He also said it could expand access to the dollar economy and raise demand for Treasurys.
On Aug. 17, the Treasury issued a notice of proposed rulemaking under the GENIUS Act. It asked for public comment on rules for issuing, offering and selling payment stablecoins. Bessent said the rules would help “cement” the dollar’s reserve status.
The reported plan comes as other nations work on their own digital payment tools. China’s digital yuan is among the central bank digital currencies used in Project mBridge, a platform for cross-border payments.
The European Central Bank is preparing a 12-month digital euro pilot. It is expected to start in the second half of 2027.
China is also looking at stablecoins tied to the yuan. According to Reuters, the State Council met to review a roadmap aimed at catching up with the US push on stablecoins.
This marks a shift from China’s earlier ban on digital assets. President Trump has said several times that the US cannot let China lead in this area.
The administration’s wider crypto agenda hit a setback last week. The Senate failed to invoke cloture on the CLARITY Act, a bill that would set a full market structure for the crypto industry.
The CLARITY Act was meant to be the second major crypto law passed by Congress, following the GENIUS Act last year. The failed vote means the bill did not advance at that stage.
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