The Trump administration is considering an initiative to promote the use of dollar-denominated stablecoins overseas in a bid to reinforce the greenback's status as the world's reserve asset, people familiar with the plans told Bloomberg. Stablecoin projects are among the areas the US government is weighing support for by creating joint ventures with private-sector firms, aiming to maintain the dollar's preeminence and boost demand for US Treasuries, the people said, asking not to be named discussing private information. Stablecoin issuers typically hold the reserves backing their tokens in cash and short-term government debt.

The effort could stretch across multiple federal agencies, including the Treasury Department and the State Department, some of the people said, and the US International Development Finance Corp. could also be involved. The Treasury Department and the White House did not respond to requests for comment, while representatives for the State Department and the DFC declined to comment. The DFC, which partners with private-sector entities to advance US foreign-policy objectives, is overseen by Ben Black, son of Apollo Global Management co-founder Leon Black.

Stablecoins, digital assets typically tied to traditional currencies, have grown in popularity as financial firms embrace them, and the vast majority in circulation are pegged to the dollar. The Genius Act, signed into law by President Donald Trump last year, established a federal framework requiring issuers to hold reserves including dollars and short-term Treasuries, and Treasury Secretary Scott Bessent has said their growth could strengthen the dollar's reserve-currency role. Meanwhile, other economies are building their own digital-payments infrastructure, such as Project mBridge, which uses China's digital yuan, while the European Central Bank presses ahead with a digital euro and this week launched a project linking blockchain markets with the region's existing payments systems.