Trump Admin Eyes Dollar Stablecoins to Bolster Global Currency Status

The Trump administration is exploring ways to promote dollar-backed stablecoins as part of its effort to strengthen the US currency's global role.

Treasury and State Department officials are considering joint projects with private firms to expand the use of dollar-backed stablecoins overseas, particularly in emerging markets.

The plan aims to support demand for US Treasury securities while also raising concerns about financial stability in these countries.

The two largest stablecoins, USDT and USDC, account for nearly 90% of the $292.49 billion stablecoin market and are pegged 1:1 to the dollar.