US weighs overseas push for dollar-backed stablecoins: Bloomberg
The reported initiative could involve private-sector companies and several US agencies as Washington looks to expand the international use of dollar-backed stablecoins.
The United States is contemplating a global push for dollar-backed stablecoins, according to sources familiar with the plans reported by Bloomberg. The initiative, potentially involving private-sector companies and multiple US agencies, aims to bolster the international use of dollar-denominated stablecoins, reinforcing the US dollar's role as the world's reserve currency.
The Trump administration is reportedly considering joint ventures with private firms and collaboration with federal entities such as the Treasury Department, State Department, and US International Development Finance Corporation (DFC). This move comes at a time when other nations, like China and the European Union, are developing their own digital payment systems, such as the digital yuan and the digital euro.
US officials emphasize that stablecoins can extend the dollar's dominance internationally and generate substantial demand for US government debt.
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