Donald Trump · Bloomberg · U.S. Treasury · Decrypt
US Aims to Turn Stablecoins Into a Weapon for Dollar Dominance
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Washington wants the rest of the world running on digital dollars.
Key facts
- Stablecoins are crypto tokens built to hold a steady 1:1 value with a currency, typically by keeping the equivalent amount in cash and short-term government debt in reserve
- The Donald Trump administration is considering an initiative to promote dollar-backed stablecoins overseas, according to a Wednesday, citing people familiar with the plans
- The GENIUS Act, the federal stablecoin law Trump signed last year, already forces issuers to back every token with reserves like cash and short-dated Treasuries
- China has floated its own digital yuan, the European Central Bank is pushing ahead on a digital euro, and the BRICS countries are also interested in exploring the possibility
Summary
The Trump administration is reportedly weighing joint ventures with private firms to push dollar-pegged stablecoins into foreign markets, Wednesday. The effort could involve the Treasury Department, the State Department, and the U.S. International Development Finance Corp., which is run by Ben Black, son of Apollo Global Management co-founder Leon Black. Stablecoin issuers already hold close to $200 billion in Treasury bills, a figure the plan is designed to grow as other countries build their own digital payment rails. The Donald Trump administration is considering an initiative to promote dollar-backed stablecoins overseas, according to a Wednesday, citing people familiar with the plans. Stablecoins are crypto tokens built to hold a steady 1:1 value with a currency, typically by keeping the equivalent amount in cash and short-term government debt in reserve.