US weighs overseas push for dollar-backed stablecoins: Bloomberg

Bloomberg reported that the Trump administration is weighing a coordinated effort to promote dollar-backed stablecoins internationally, potentially by forming joint ventures between the US government and private-sector companies. Sources cited by Bloomberg indicated the initiative could include several federal agencies, notably the Treasury Department, the State Department and the US International Development Finance Corporation.

The stated aims would be to expand the global use of dollar-denominated stablecoins and, in doing so, possibly increase demand for US Treasury securities, which commonly serve as reserve assets underlying such stablecoins. Senior US officials have previously linked the expansion of dollar-backed stablecoins to bolstering the dollar’s status and driving greater demand for US government debt.

The potential push comes as other jurisdictions progress with their own digital payment projects. China’s digital yuan is already being tested in cross-border settings such as Project mBridge, and the European Central Bank has planned a 12-month digital euro pilot expected to launch in the second half of 2027, underscoring international competition in digital currency infrastructure.

Separately, the US Treasury has taken regulatory steps tied to stablecoins: the GENIUS Act established a federal framework for payment stablecoins, and on Aug. 17 the Treasury issued a notice of proposed rulemaking seeking public comment on rules for issuing, offering and selling payment stablecoins. Cointelegraph reported it sought comment from the Treasury, the DFC and several US-based stablecoin firms but did not receive responses before publication.