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- The U.S. government is considering an initiative to promote dollar-denominated stablecoins overseas to support the dollar's international role.
- The proposal could involve partnerships between private companies and federal agencies including the Treasury Department, State Department, and DFC.
- No formal program has been announced, and its structure, funding, geographic scope, and participating companies have not been disclosed.
The U.S. government is reportedly considering an initiative to promote dollar-denominated stablecoins overseas as part of efforts to support the dollar’s international role. The proposal could include partnerships between federal agencies and private-sector companies, but no formal program has been announced. The initiative remains under consideration, and its structure, funding and geographic scope have not been disclosed.
Government Could Partner With Private Stablecoin Firms
The administration is considering supporting stablecoin projects through joint ventures with private companies, according to reporting citing people familiar with the discussions. According to the report, the initiative could involve the Treasury Department and State Department, with the U.S. International Development Finance Corporation, or DFC, also potentially participating.
The White House and Treasury did not publicly confirm the reported plan. The State Department and DFC declined to comment on it.
Initiative Would Support Existing Dollar Policy
The proposal would fit with the administration’s previously stated policy of encouraging lawful dollar-backed stablecoin adoption worldwide. A January 2025 executive order established a policy of promoting and protecting U.S. dollar sovereignty, including through support for the growth of lawful dollar-backed stablecoins worldwide. Treasury Secretary Scott Bessent has also connected stablecoin growth with the dollar’s international position.
“Cement the role of the U.S. dollar as the world’s reserve currency.”
GENIUS Act Sets U.S. Stablecoin Framework
The GENIUS Act, signed into law in July 2025, established a federal regulatory framework for payment stablecoins. Among other provisions, it requires permitted issuers to maintain reserves backing their outstanding tokens.
Eligible reserves can include U.S. dollars, deposits at qualifying financial institutions and short-term Treasury securities. Treasury is still implementing parts of the law. In August, the department issued a proposed rule addressing the issuance, offering, and sale of payment stablecoins in the U.S.
Overseas Plan Has Not Been Finalized
Promoting dollar-backed stablecoins abroad could extend existing U.S. digital-asset policy into foreign economic and development efforts. Stablecoin issuers can also create demand for short-term government debt when Treasury securities are used as reserve assets.
Officials have not announced participating companies, target countries or financial commitments. The reported initiative therefore remains a policy option under consideration rather than an approved government program.The reported proposal could involve Treasury, State, and the DFC, but no program, funding structure or target countries have been announced.
