The aim, they say, is to underpin the dollar's global standing and, as a side effect, boost appetite for U.S. government debt.
One approach under review is teaming up with private companies through joint ventures to support select stablecoin projects. The effort could span several agencies. Some of the people pointed to possible roles for the Treasury Department and the State Department.
Several of the people said the U.S. International Development Finance Corp. could also participate. Representatives for the State Department and the DFC declined to comment, while the Treasury Department and the White House did not respond. The DFC - known for partnering with private companies to further U.S. foreign‑policy objectives - falls under the leadership of Ben Black, the son of Apollo Global Management co‑founder Leon Black.
Stablecoins are digital tokens that track traditional currencies; the dollar anchors the vast majority now in circulation. Issuers generally back them with cash and short-term government securities. Last year, President Donald Trump signed the Genius Act, which created a federal framework compelling issuers to maintain reserves that include dollars and short‑term Treasuries. Secretary Scott Bessent has said that as stablecoins grow, they could reinforce the dollar's position as the world's reserve unit.
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Other major economies are building out their own digital payment rails. Countries are collaborating on cross-border systems such as Project mBridge, which uses multiple digital currencies including China's digital yuan. In Europe, the ECB is pressing ahead with a potential digital euro and this week kicked off a project to connect blockchain-based markets with the region's existing payment systems.
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