The US weighs pushing dollar stablecoins abroad
Bloomberg reports the Trump administration is weighing public-private stablecoin ventures to support the dollar's reserve role and demand for Treasuries.
The plan
According to a September 23 Bloomberg report citing people familiar with the talks, the administration is considering joint ventures with private firms to spread dollar-backed stablecoins abroad. The Treasury, the State Department and the US International Development Finance Corporation (DFC) could be involved. The Treasury and White House did not comment, and State and the DFC declined to comment.
Why
The goal is twofold: protect the dollar's position as the world's main reserve currency and lift demand for US Treasuries. The GENIUS Act, in force since 2025, ties stablecoin reserves to short-dated government debt, so Treasury demand grows as stablecoins grow. Deputy Treasury Secretary Francis Brooke said on September 22 that stablecoin issuers already hold nearly $200 billion in Treasury bills and other near-maturity securities.
What is unclear
This is not yet a formal programme. No target countries, private partners, budget or timeline have been disclosed. The stablecoin market is worth about $300 billion today, and the two largest issuers are Tether and Circle.