TLDR
- The Trump administration is reportedly weighing a plan to promote dollar-backed stablecoins overseas, according to Bloomberg.
- The initiative could involve joint ventures between private companies and federal agencies like the Treasury Department, State Department, and the DFC.
- Officials say wider stablecoin use abroad could boost demand for US Treasurys and support the dollar’s role as the world’s reserve currency.
- The push comes as China works on a similar roadmap to expand global use of its digital yuan.
- The CLARITY Act, a follow-up crypto bill to the GENIUS Act, failed to advance in the Senate last week.
The US government is reportedly looking at ways to spread the use of dollar-backed stablecoins outside the country. Bloomberg reported the news on Wednesday, citing people familiar with the plans.
US Weighs Overseas Push for Dollar Stablecoins to Boost Treasury Demand
Bloomberg reported that the US government is considering promoting the overseas use of dollar-denominated stablecoins to reinforce the dollar’s status as the world’s reserve currency and boost demand for US… pic.twitter.com/NU7RTI8Wgp
— Wu Blockchain (@WuBlockchain) September 23, 2026
The idea is still in early stages. It could involve the US government partnering with private companies through joint ventures.
Agencies that may take part include the Treasury Department, the State Department, and the US International Development Finance Corporation. Cointelegraph reached out to these agencies and several stablecoin companies but did not get a response before publication.
Why The US Wants More Stablecoins Overseas
Officials have connected stablecoin growth to keeping the dollar as the top global reserve currency. More stablecoins backed by dollars means more demand for the assets that back them.
Under the GENIUS Act, stablecoin issuers must hold reserves like short-term Treasury bonds. So if dollar stablecoins spread further around the world, demand for those bonds could rise too.
Former White House crypto advisor David Sacks made this point back in February 2025. He said stablecoins could extend the dollar’s reach internationally and create trillions in new demand for government debt.
Treasury Secretary Scott Bessent has made similar comments. In July 2025, he said the GENIUS Act could strengthen the dollar’s global standing and widen access to the dollar economy.
The Treasury has kept working on the rules since then. On August 17, it opened a public comment period on proposed regulations for issuing and selling payment stablecoins.
China Is Working On A Similar Plan
The US is not the only country looking at this strategy. China is reportedly reviewing its own roadmap to expand global use of its digital yuan, according to Reuters.
This is a change in direction for China, which has banned most crypto activity for years. The digital yuan is already used in Project mBridge, a system for cross-border payments between central banks.
Other regions are moving too. The European Central Bank is preparing to pilot a digital euro for twelve months, starting in the second half of 2027.
Trump has spoken about wanting the US to lead in crypto. He has said several times that the country cannot let China get ahead in this area.
Progress on US crypto law has not been smooth. The Senate failed last week to advance the CLARITY Act, a bill meant to set clearer rules for the crypto market.
The CLARITY Act would have followed the GENIUS Act as the second major piece of crypto legislation from Congress. Its stall means some questions about market rules remain unresolved for now.
Possible private partners for the stablecoin push include Circle and Paxos, two of the largest stablecoin infrastructure providers. Neither has issued a public statement on the reported plans.
For now, the initiative remains unconfirmed by any US agency. Bloomberg’s report is based on sources familiar with internal discussions, not an official announcement.
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