As Donald Trump heads toward a potential return to the White House, he maintains a clear and public opposition to both a central bank digital currency (CBDC) and any state-backed, dollar-pegged stablecoin. Meanwhile, experts point out that global momentum on digital currencies may leave the US with little choice but to act. Former Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad told CoinDesk at the Digital Money Summit 2026 in London that, while CBDCs remain a sensitive topic in Washington, development work continues behind closed doors.
Debate over an official US digital currency
During the same event, Mark Gould, the Federal Reserve’s Chief Payments Executive, stated that there are currently no active plans to launch a central bank stablecoin. Gould noted, “This is not within our remit,” but acknowledged that the possibility of a government-backed digital dollar could fall under the Fed’s responsibilities in the future.
Back in March 2024, just nine months before the presidential election, Trump reiterated his stance by declaring, “As your President, I will never allow the creation of a central bank digital currency.” During that time, the Senate passed a bill, by a significant 89-10 vote, seeking to prohibit the Federal Reserve from issuing a digital dollar. However, the bill is currently tied up in the House alongside housing legislation and awaits further progress.
Despite Trump’s explicit campaign opposition to a CBDC, observers note that while Washington is careful in public, efforts to explore digital currency options are clearly ongoing—both within the Federal Reserve and in global forums.
International momentum and US response
Massad highlighted that the rapid advancement of stablecoin and CBDC projects by European and Asian central banks has increased pressure on the US to develop its own digital currency infrastructure. He predicts the US will need to establish its own onchain payment systems rather than simply watch these developments from afar.
Massad pointed specifically to Project Agora, a collaborative initiative under the Bank for International Settlements (BIS) involving seven central banks, including the US. The project is testing cutting-edge cross-border payment infrastructures for decentralized finance applications.
According to Massad, US central bank officials have steered clear of making public statements on whether a potential CBDC should serve retail consumers or operate at the wholesale level. However, he emphasized that substantial research and collaboration are happening behind the scenes, including US participation in major international projects.
Glossary: Project Agora is a global initiative led by the Bank for International Settlements (BIS) that brings together central banks from several countries to test cross-border digital currencies and new payment systems.
Quiet behind-the-scenes work on digital currencies
Although the Trump administration has consistently dismissed the idea of a retail-facing CBDC, Massad believes the broader evolution of digital finance and tokenization will ultimately make a state-backed digital option inevitable.
At the same time, analysts stress that the US must act quickly in order not to fall behind Europe amid technological advances. Massad specifically highlighted the strategic importance of establishing official onchain (blockchain-based) payment systems.
| Project Name | Scope/Members | Objective |
|---|---|---|
| Project Agora | 7 central banks (including US) | Developing cross-border digital payment and CBDC infrastructure |
| EU Digital Euro | European Central Bank and Eurozone | Creating a digital currency for retail use within Europe |
| China e-CNY | People’s Bank of China | Establishing a national digital currency and payment system |
While US policy on digital currencies remains undefined due to both internal debate and global competition, recent moves by European and Asian counterparts suggest the US will soon need to clarify its strategy and take more decisive action in this space.
