Trump administration plans international push for dollar stablecoins to support Treasury demand
The Trump administration is weighing a coordinated push to promote dollar-backed stablecoins overseas, aiming to protect the dollar’s reserve status and expand demand for US Treasuries. For institutional investors, the plan would formalize a link between crypto payment rails and sovereign debt markets that stablecoin issuers already reinforce through their reserve holdings.
- Bloomberg reported that Treasury, State and the DFC could all take part in the initiative.
- Dollar-pegged stablecoins hold roughly $305 billion of the $306 billion total stablecoin market, per DefiLlama and RWA.xyz data.
- The DFC is headed by Ben Black, son of Apollo Global Management co-founder Leon Black, whose firm already partners with Coinbase Asset Management.
- $306B total stablecoin market cap tracked by DefiLlama
- $6.4T 30-day stablecoin transaction volume recorded by Visa Onchain Analytics
- $805M euro-pegged stablecoin market cap versus $305B in dollar tokens
The Trump administration is considering a government-backed initiative to promote dollar-denominated stablecoins in overseas markets, according to people familiar with the plans cited by Bloomberg. The stated goal is twofold: protect the dollar’s position as the world’s reserve asset and raise demand for US Treasuries, which stablecoin issuers hold as reserves. The effort, as first reported by Bloomberg, could bring together multiple federal agencies rather than a single department.
DFC’s Ben Black Could Broker Stablecoin Joint Ventures
The plan could involve several federal agencies, including the Treasury Department, the State Department and the US International Development Finance Corp. One option under discussion would create joint ventures between the government and private-sector firms to support stablecoin projects abroad.
The DFC typically partners with private companies to advance US foreign policy goals overseas. Its head, Ben Black, is the son of Apollo Global Management co-founder Leon Black.
Apollo already has reach into stablecoins through a partnership with Coinbase Asset Management that lets users borrow against their digital assets. That existing relationship could give the DFC a ready private-sector partner if joint ventures move forward, though Bloomberg’s sourcing did not confirm Apollo’s direct involvement in the plan.
Dollar Stablecoins Hold $305 Billion, Nearly the Entire Market
Dollar-pegged tokens dominate the sector. RWA.xyz puts their combined market cap at about $305 billion against a $306 billion total stabl
