US Plans Global Stablecoin Push to Bolster Dollar

The Trump administration is exploring ways to promote dollar-backed stablecoins in international markets as part of its broader strategy to bolster the US dollar's status as a global reserve currency.

The Treasury and State Departments, along with USDC, are reportedly central players in this initiative, which aims to form joint ventures with private companies to accelerate the adoption of these instruments globally.

Dollar-backed stablecoins, such as USDT and USDC, hold nearly $200 billion in U.S. sovereign debt, making them among the 20 largest holders worldwide, according to Bloomberg.

Treasury Secretary Scott Bessent recently described dollar stablecoins as a tool for supporting currency hegemony, noting that during the current Trump administration, the dollar participates in nearly 90% of global currency transactions.