The Trump administration is weighing government-backed joint ventures with private companies to expand the use of dollar-pegged stablecoins outside the United States, Bloomberg first reported on Wednesday, citing people familiar with the plans.

The goals, according to those people, are to protect the dollar’s standing as the world’s main reserve asset and to create more buyers for U.S. Treasuries. The work could involve the Treasury and the State Department, and some of the people said the U.S. International Development Finance Corp. (DFC), the federal agency that finances private-sector projects abroad, could take part as well.

The report did not name any companies, target countries, dollar amounts or timeline, and no agency has announced such a program.

What Treasury Has Said Publicly

On Tuesday, Deputy Treasury Secretary Francis Brooke said in remarks to the Treasury Market Conference that stablecoin providers “already own nearly $200 billion of Treasury bills and other close-to-maturity Treasury securities.”

“As the rules implementing the GENIUS Act are finalized, we may see stablecoin providers continue to grow and add to their holdings of Treasury securities,” Brooke said.

When Treasury opened comment on a GENIUS Act rule in August, Treasury Secretary Scott Bessent said the department wanted to “cement the role of the U.S. dollar as the world’s reserve currency.” After the law passed the House and was signed in July 2025, Bessent said in a statement that stablecoins “will buttress the dollar’s status as the global reserve currency, expand access to the dollar economy for billions across the globe, and lead to a surge in demand for US Treasuries, which back stablecoins.”

A Stated Goal Since January 2025

Pushing dollar stablecoins beyond U.S. borders has been written policy since Trump’s first week back in office. His January 2025 executive order on digital assets called for “the development and growth of lawful and legitimate dollar-backed stablecoins worldwide,” as Unchained reported at the time.

Dollar-pegged tokens make up about $311 billion, or roughly 99.5%, of the $312.6 billion in circulating stablecoins, according to DeFiLlama data.

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