US Deploys Dollar Stablecoins in Global Economic Policy
The US government is exploring ways to promote dollar-denominated stablecoins overseas as part of a strategy to maintain the dollar's status as the world's reserve currency.
This effort could involve the Treasury Department, the State Department, and the US International Development Finance Corporation partnering with private sector firms through joint ventures.
The Treasury Secretary has publicly stated that stablecoin growth could strengthen the dollar's reserve currency role, and the Genius Act has established a federal framework requiring stablecoin issuers to hold dollar and short-term Treasury reserves.
Stablecoins are already backed by cash and short-term US Treasuries, with the global market cap standing at approximately $302.8 billion as of September 2026, with 99.4% in dollar-pegged tokens.