The US government is considering new stablecoin policy initiatives to bolster the global role of the dollar and foster demand for US Treasury securities. Discussions in Washington involve possible partnerships designed to promote dollar-backed stablecoin projects outside the United States, according to sources familiar with the matter.
Government Looks to Private Sector for International Stablecoin Push
Officials from the Treasury and State departments are reportedly exploring joint ventures with private companies. This move could help expand the circulation of dollar-denominated stablecoins in international markets, potentially increasing global demand for the US dollar and reinforcing US financial influence.
The US International Development Finance Corporation is also being assessed for potential involvement in the initiative, yet no final structure, funding mechanism, or timeline for implementation has been announced. The policy’s broader effects remain a point of close scrutiny within government and financial circles.
Wider use of stablecoins abroad could intensify demand for US Treasury assets, as issuers of these tokens must hold cash or short-term Treasuries as reserves, and greater adoption might drive up these requirements.
Meanwhile, the trend of bank deposit outflows into stablecoins is affecting the banking sector. The impact of these outflows will depend on the investment strategies of stablecoin issuers, which are shaped by regulations and international policy developments.
On September 22, the European Central Bank issued a recommendation urging reforms to European reserve policies to decrease reliance on the less stable deposits held by stablecoin issuers. This guidance came as part of ongoing considerations within the MiCA regulatory framework.
Market data from DefiLlama shows that stablecoin capitalization reached approximately $306.5 billion as of September 24. USDT, issued by Tether, held the largest share at nearly 60%, followed by USDC from Circle.
Visa Survey Shows Rising Interest in Digital-Dollar Payments
US policy discussions follow a marked rise in consumer interest in digital-dollar transactions. A Visa survey conducted among 2,192 US adults revealed that interest in using digital dollars jumps from 36% to 56% if bank-grade fraud protection and deposit insurance are guaranteed.
The same survey highlighted that 64% of participants considered the payment provider more important than the underlying technology, while more than half of respondents were unfamiliar with the concept of stablecoins.
Developments in the US stablecoin space also come as other governments push forward with their own digital currency initiatives. China has broadened adoption of its central bank digital currency, the e-CNY, with total transaction volumes exceeding $2.3 trillion by the end of 2025 and a value increase of over 800% since 2023. In January 2026, China implemented interest payments on digital yuan balances, further incentivizing use.
China is a key participant in Project mBridge, aiming to facilitate direct central bank settlements. According to the Atlantic Council, transaction volumes on this platform have reached $55.49 billion, with e-CNY representing over 95% of the total settlement amount.
The ECB is proceeding with a project for a digital euro. A total of 36 providers have been selected for a pilot program set to launch in the second half of 2027. Following legislative progress, the central bank expects possible issuance of the digital euro in 2029. Unlike the e-CNY, the future digital euro will not pay interest, and the ECB intends to set a maximum holding cap to safeguard bank funding channels.
As monetary authorities around the world adopt different strategies for digital assets, the potential role of stablecoins in international payments and US debt demand continues to generate debate in Washington.
No official launch date has been set for the US stablecoin initiative, and further decisions will depend on government policy outcomes.
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