US considers overseas push for dollar-backed stablecoins

Reading Time: < 1 minute

The Trump administration is considering a plan to promote dollar-backed stablecoins overseas as part of efforts to support the US dollar’s role in the global financial system, Bloomberg reported.

The initiative could involve federal agencies including the Treasury Department, State Department and US International Development Finance Corporation working with private-sector companies on stablecoin projects, according to people familiar with the plans.

The proposed programme would aim to expand the international use of dollar-denominated stablecoins and could also increase demand for US Treasurys, which are widely used as reserve assets backing such tokens.

The plans come as other major economies develop digital payment infrastructure. China has expanded the use of its digital yuan through cross-border initiatives, while the European Central Bank is preparing a 12-month pilot for the digital euro expected to begin in the second half of 2027.