According to Bloomberg, the Trump administration is weighing an initiative aimed at encouraging the use of dollar-backed stablecoins outside the United States, framing the push as a way to strengthen the dollar’s role as the world’s reserve currency.

The report, citing people familiar with the plans, says the US government could support stablecoin projects by partnering through joint ventures with private-sector firms. The effort could involve multiple agencies, including the Treasury Department, the State Department, and the US International Development Finance Corporation (DFC). Bloomberg reported the details on Wednesday.

Key takeaways

Bloomberg reports a potential US government initiative to promote overseas adoption of dollar-backed stablecoins.
The proposed approach would reportedly rely on joint ventures with private-sector firms, potentially involving multiple federal agencies.
US officials have repeatedly tied stablecoin expansion to strengthening dollar dominance and increasing demand for US Treasurys.
The plan arrives as other regions accelerate digital infrastructure work, including CBDC pilots and cross-border payment platforms.

Why stablecoins are part of US dollar strategy

The reported initiative highlights a broader policy theme: dollar-backed stablecoins are increasingly viewed by senior US officials not only as financial technology, but also as infrastructure that can reinforce the dollar’s global settlement role.

In February 2025, venture capitalist David Sacks—who at the time served as the White House crypto and AI czar—argued that stablecoins could “extend the dollar’s dominance internationally,” and potentially “generate trillions of dollars” in additional demand for US government debt. Earlier Cointelegraph coverage connected these claims to the administration’s stance on stablecoin regulation and the dollar economy. Earlier coverage from Cointelegraph noted how officials framed the relationship between stablecoin growth and US Treasury demand.

That linkage has also appeared in subsequent statements by Treasury leadership. In July 2025, US Treasury Secretary Scott Bessent said the GENIUS Act—legislation that created a federal regulatory framework for payment stablecoins—could strengthen the dollar’s status as a reserve currency, broaden access to the dollar economy, and increase demand for US Treasurys. Cointelegraph previously reported on this framing, including the argument that stablecoin rules are designed to “cement” US dollar prominence. Cointelegraph’s analysis also highlighted concerns that the rules’ treatment of foreign issuers remained unclear.

GENIUS implementation continues as the government considers a wider push

While the overseas initiative is still at the consideration stage, the administration’s domestic stablecoin work has continued in parallel. The Treasury Department has been moving forward with implementation of the GENIUS Act, including rulemaking focused on how payment stablecoins can be issued, offered, and sold.

On Aug. 17, the Treasury issued a notice of proposed rulemaking seeking public comment on provisions that would govern issuance, offering, and sale of payment stablecoins. Cointelegraph reported on the move, and the reporting noted Bessent’s comments that the rules would help “cement” the US dollar’s status as the world’s reserve currency.

For investors and market participants, that matters because overseas adoption would likely require a predictable compliance framework—especially for the kinds of projects that would be eligible for public-private support. A government-linked push could also change competitive dynamics abroad by accelerating distribution partnerships and expanding the set of jurisdictions where dollar stablecoins can be used for settlement and retail payments.

Global competition: CBDCs and cross-border pilots advance elsewhere

The potential US push for dollar-backed stablecoins comes amid rapid movement in other parts of the world to modernize payments, including central bank digital currency efforts and cross-border experimentation.

Cointelegraph noted that China’s digital yuan is used in Project mBridge, a platform designed for cross-border CBDC transactions. Earlier coverage from Cointelegraph described how participating institutions have treated mBridge as a practical sandbox for multinational settlement use cases.

In Europe, the European Central Bank is preparing a 12-month digital euro pilot expected to begin in the second half of 2027, according to Cointelegraph. That reporting underscored how the euro area is building a timeline for experimentation with a digital euro that could eventually influence cross-border payments and merchant settlement preferences.

Against that backdrop, a US initiative promoting dollar stablecoins overseas would be entering a competitive environment where governments are exploring multiple settlement rails—CBDCs, tokenized assets, and stablecoin-based payment networks. The key uncertainty is whether the US will prioritize stablecoin issuance and compliance standards, partnerships and distribution, or targeted support for specific cross-border use cases.

What remains unclear—and what to watch next

Bloomberg’s report suggests the US government could use joint ventures with private-sector firms to help drive adoption of dollar-backed stablecoins internationally, with Treasury, State, and the DFC among the agencies that may be involved. However, details on how such arrangements would be structured, which jurisdictions would be targeted, and what regulatory constraints would apply are not provided in the available reporting.

Cointelegraph said it reached out to the US Treasury, the DFC, and several US-based stablecoin companies for comment but did not receive a response before publication.

Readers should watch for follow-on disclosures—especially any indication of which stablecoin activities could receive support, how the initiative would interact with GENIUS implementation, and whether the administration’s goal of increasing US Treasury demand translates into specific, measurable policy outcomes.