The United States is considering promoting dollar stablecoins overseas in a bid to consolidate the dollar's reserve status.

According to people familiar with the matter, the Trump administration is considering an initiative to promote dollar-denominated stablecoins overseas, aiming to reinforce the dollar's status as a global reserve asset. The stablecoin project is one of the areas the U.S. government is considering supporting through joint ventures with the private sector, with the goal of preserving the dollar's monetary dominance and boosting demand for U.S. Treasuries, the people said. Stablecoin issuers typically hold cash and short-term government debt as reserves for their tokens. Some of the people said the effort could involve multiple federal agencies, including the Treasury Department and the State Department. The U.S. International Development Finance Corporation (DFC) may also be involved. The Treasury Department and the White House did not respond to requests for comment. Representatives for the State Department and the DFC declined to comment. The DFC works with private-sector entities to advance U.S. foreign policy goals and is headed by Ben Black, son of Apollo Global Management co-founder Leon Black. Stablecoins are digital assets typically pegged to a fiat currency, and their popularity has continued to rise as financial firms adopt them, with the vast majority of stablecoins in circulation tied to the dollar. The GENIUS Act, signed into law by Trump last year, established a federal regulatory framework for stablecoins, requiring issuers to hold reserves including dollars and short-term U.S. Treasuries. U.S. Treasury Secretary Scott Bessent has also said that the growth of stablecoins could strengthen the dollar's role as the global reserve currency. At the same time, economies around the world are joining forces to launch new digital payment infrastructure, for example through the Project mBridge initiative. China's DIGIHUMAN yuan is one of the digital currencies used on the network. The European Central Bank is also advancing its digital euro plan and this week launched a project to connect blockchain markets with the region's existing payment systems.