U.S. wants to promote dollar stablecoins abroad
The Donald Trump administration is considering an initiative to promote dollar-denominated stablecoins outside the U.S. The goal is to strengthen the dollar’s position as the world’s reserve currency while also increasing demand for U.S. government debt.
According to Bloomberg, officials are discussing support for such projects through joint ventures with private companies. The Treasury Department, State Department and U.S. International Development Finance Corporation could all be involved. The final structure of the program and its launch timeline have not yet been determined.
Why the U.S. is betting on stablecoins
Most major stablecoins are pegged to the dollar, while their issuers hold reserves in cash and short-term U.S. Treasuries. As a result, the growth of such tokens both expands the use of the dollar in digital payments and creates additional demand for U.S. government debt.
In 2025, Trump signed the GENIUS Act, which established a federal regulatory framework for payment stablecoins. The law requires issuers to back tokens with liquid reserves, including dollars and short-term Treasury securities. Treasury Secretary Scott Bessent has previously said that the growth of dollar stablecoins could strengthen the dollar’s reserve-currency status and boost demand for U.S. government bonds.
Competition for digital payments is growing
The initiative is being discussed as other major economies develop their own digital payment infrastructure. China is involved in Project mBridge, where the digital yuan is used, while the European Central Bank continues work on the digital euro and on integrating blockchain markets with the region’s existing payment system.
For the U.S., expanding dollar stablecoins abroad could help preserve the dollar’s influence in international payments even in countries where traditional U.S. banking infrastructure has a limited presence. For now, the initiative remains under consideration, and officials have not disclosed the final details of the program.
Who dominates the market
Tether and Circle remain the main players in the stablecoin market. USDT accounts for around 60% of the market, while USDC represents roughly 25%. Together, they control about 85% of the segment, leaving the remaining 15% to other projects. Among them is USD1 from World Liberty Financial, a crypto company linked to Donald Trump’s family. USD1’s supply currently stands at around $4.5–4.6 billion, making it one of the largest stablecoins after the market leaders.
USD1 could theoretically fit into a U.S. strategy for expanding the use of digital dollars: the token is pegged to the dollar and backed by U.S. Treasuries and cash equivalents. However, there is currently no evidence that the Trump administration plans to use USD1 specifically in the proposed government program to promote stablecoins abroad. The project’s ties to the president’s family have also raised concerns among critics and some lawmakers about a potential conflict of interest.
As a reminder, Visa recently found that banks increase interest in stablecoins.
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