The Trump administration is reportedly exploring joint ventures between the U.S. government and private sector entities to promote the international adoption of dollar-pegged stablecoins. Bloomberg reported this move, citing sources familiar with early discussions.
Stabilizing the dollar’s global role
These potential government-backed initiatives aim to reinforce the U.S. dollar’s position as the dominant global reserve currency and encourage additional demand for U.S. Treasuries. Insiders indicated that the U.S. Treasury Department and State Department may be directly involved, with possible participation from the U.S. International Development Finance Corp. (DFC), a government agency specializing in financing private sector projects abroad.
No official details have been provided on corporate partners, target countries, financial commitments, or rollout timelines. To date, no federal agency has formally announced or confirmed such a program.
Deputy Treasury Secretary Francis Brooke, speaking at the Treasury Market Conference on Tuesday, noted that stablecoin providers already hold nearly $200 billion in Treasury bills and other short-term Treasury securities.
Stablecoin providers, according to Brooke, maintain sizeable positions in U.S. Treasury assets and may continue expanding these holdings as regulatory frameworks become clearer.
Brooke referenced anticipated impacts from the GENIUS Act, suggesting that as final rules are implemented, stablecoin firms could increase their investments in government securities.
GENIUS Act and executive orders shape stablecoin policy
The GENIUS Act, which passed Congress and was signed into law in July 2025, has taken a center stage in U.S. digital asset strategy. Treasury Secretary Scott Bessent stated after the act’s passage that stablecoins would “buttress the dollar’s status as the global reserve currency, expand access to the dollar economy for billions across the globe, and lead to a surge in demand for US Treasuries, which back stablecoins.”
Earlier, when soliciting public comment on draft rules in August, Bessent emphasized the department’s intent to “cement the role of the U.S. dollar as the world’s reserve currency” through policy guidance on stablecoins.
The strategy to encourage the global development of dollar-backed stablecoins was formalized by Donald Trump during his return to office. In January 2025, Trump signed an executive order mandating the “development and growth of lawful and legitimate dollar-backed stablecoins worldwide.” This policy directive underscored the administration’s intention to maintain the dollar’s prominence in the fast-evolving digital asset landscape.
Dollar-pegged stablecoins account for approximately $311 billion, representing 99.5% of the $312.6 billion in circulating stablecoins, according to data from DeFiLlama. These digital tokens, which maintain their value by anchoring to the price of the U.S. dollar, are integral to global crypto transactions and are widely used for liquidity, settlements, and remittances.
Mini dictionary: U.S. International Development Finance Corp. (DFC) is a U.S. government agency that provides loan financing, political risk insurance, and other support for private-sector projects in developing countries, aiming to foster economic growth and U.S. strategic interests.
| Stablecoin Type | Circulating Supply (USD) | Market Share |
|---|---|---|
| Dollar-pegged | $311 billion | 99.5% |
| Other stablecoins | $1.6 billion | 0.5% |
Broader international deployment of dollar stablecoins is expected to play a key role as the U.S. crafts its digital currency and international financial policies in the coming years.
Treasury’s policymaking reflects an ongoing effort to drive demand for U.S. Treasuries by leveraging the popularity and liquidity of dollar-backed stablecoins in digital markets.
