The United States government is evaluating an initiative to expand the use of dollar-pegged stablecoins abroad, with possible participation by private companies and various federal agencies. The plan seeks to strengthen the international role of the American currency and expand demand for US Treasury bonds, according to people familiar with the discussions who spoke with Bloomberg.
One of the alternatives under consideration is to support stablecoin projects through joint ventures between the government and private companies. The Treasury Department, the State Department and the U.S. International Development Finance Corporation (DFC) are among the agencies that could participate in the initiative.
The project is still at a preliminary stage. No priority countries, participating companies, financing amounts or implementation timeline have been disclosed. The White House and the Treasury did not respond to Bloomberg's requests for comment, while the State Department and the DFC declined to comment.
Stablecoins would expand demand for dollars and Treasuries
The strategy exploits a feature of the stablecoin market: issuers of dollar-pegged tokens must hold reserve assets to sustain parity. In the United States, the GENIUS Act requires full backing and allows reserves made up, among other assets, of dollars and short-term Treasury securities.
This creates a direct link between the growth of these tokens and demand for dollar-denominated assets. When the GENIUS Act was signed into law in July 2025, Treasury Secretary Scott Bessent said that the expansion of stablecoins could expand international access to the American economy and increase demand for Treasuries used as reserves.
The idea of using stablecoins as part of the US external monetary strategy also appears in official documents. A White House report recommended encouraging the adoption of dollar-backed stablecoins and promoting the leadership of American companies in international payment technologies.
The possible initiative comes as other economies develop their own digital payment infrastructures. China participates in Project mBridge with the digital yuan, while the European Central Bank advances in systems linked to the digital euro and to blockchain-based financial markets.
For now, international expansion remains a proposal under discussion. In parallel, the Treasury continues implementing the GENIUS Act, whose regime for issuing stablecoins in the US has January 18, 2027 as the expected date to take effect.
