Trump Administration Explores USD Stablecoin Expansion
BITmarkets Team
Sep 28, 2026
Citing people familiar with the discussions, Bloomberg reported Wednesday that the US government could support stablecoin initiatives by forming joint ventures with private companies. Several federal agencies could participate, including the Treasury Department, State Department and US International Development Finance Corporation (DFC).
The initiative would aim to increase the use of dollar-denominated stablecoins outside the United States while potentially generating additional demand for US Treasurys, which are widely used as reserve assets backing stablecoins.
US considers global stablecoin expansion
The potential initiative comes as other major economies continue developing their own digital payment systems and currencies. China’s digital yuan is among the central bank digital currencies involved in Project mBridge, an infrastructure project designed to facilitate cross-border CBDC transactions. Meanwhile, the European Central Bank is preparing a 12-month digital euro pilot that is expected to begin during the second half of 2027.
The international expansion of dollar-backed stablecoins could give the US another avenue for promoting the use of its currency as competing digital payment systems develop globally.
US officials link stablecoins to dollar dominance
Senior US officials have repeatedly argued that the expansion of dollar-backed stablecoins could help preserve the dollar’s international position while creating additional demand for US government debt. In February 2025, venture capitalist David Sacks, who was serving as the White House crypto and AI czar at the time, said stablecoins could “extend the dollar’s dominance internationally” and potentially generate trillions of dollars in additional demand for US government debt.
US Treasury Secretary Scott Bessent made similar comments in July 2025 following the passage of the GENIUS Act, which established a federal regulatory framework for payment stablecoins. Bessent said the legislation could reinforce the dollar’s position as the global reserve currency, broaden access to the dollar-based economy and increase demand for US Treasurys.
US advances stablecoin regulation
The Treasury has also continued implementing the GENIUS Act as the government develops its broader stablecoin policy. On Aug. 17, the department issued a notice of proposed rulemaking and requested public feedback on provisions governing the issuance, offering and sale of payment stablecoins.
Bessent said the resulting regulations would help “cement” the US dollar’s status as the world’s reserve currency, reinforcing the administration’s view that regulated stablecoins could play a broader role in US monetary and financial influence abroad.
Sources:
https://cointelegraph.com/news/us-overseas-dollar-stablecoins-trump-administration
