US weighs overseas push for dollar-backed stablecoins: Bloomberg
The Trump administration is reportedly weighing a plan to promote dollar-backed stablecoins abroad to reinforce the US dollar’s role as the global reserve currency. The effort could involve joint ventures with private firms and coordination across the Treasury Department, State Department, and the US International Development Finance Corporation. A key goal is to expand international use of dollar stablecoins while increasing demand for US Treasurys, which back many of these assets. The move comes as China and Europe build competing digital payment systems, including China’s digital yuan and the European Central Bank’s digital euro pilot. US officials have repeatedly argued that stablecoins can strengthen dollar dominance and support demand for US debt, with the GENIUS Act and related Treasury rulemaking presented as part of that strategy.
