The Trump administration is considering an overseas stablecoin plan that could take the form of a joint venture with private companies, according to people familiar with the matter. According to ChainCatcher, the Treasury Department, the State Department, and the U.S. International Development Finance Corporation could all be involved, with the goal of expanding dollar usage and supporting demand for U.S. Treasuries.

Tether's latest reserve report showed that as of June 30, it held $114.96 billion in U.S. Treasuries directly, with total reserve assets of $187.75 billion and assets exceeding liabilities by $4.11 billion. The report said no partnership with Tether has been finalized and the plan has not become an official operating project.