Trump administration reportedly weighs joint ventures for overseas dollar stablecoins
The Trump administration reportedly weighs public-private ventures to expand dollar-backed stablecoins overseas, with greater demand for U.S. Treasuries as a stated goal.
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Why it matters
Brooke said stablecoin providers already own nearly $200 billion in Treasury bills and other close-to-maturity securities. The proposal remains limited to reported internal discussion, with no public agency announcement, funding amount, confirmed participant list or launch date.
Where the sources disagree
Private companies named in the proposal
Circle and Paxos mentioned as possible private firms
CoinGape
No companies named in the report
Unchained
CoinGape names Circle and Paxos as possible private firms, while Unchained says Bloomberg's report named no companies.
Key facts
The Trump administration reportedly considers public-private joint ventures to promote dollar-backed stablecoins overseas.
Reported by CoinGape
The plan's reported goals are to maintain the dollar's leading reserve-currency role and create demand for U.S. Treasuries.
Reported by CoinGape
The Treasury Department, State Department and U.S. International Development Finance Corporation could participate in overseas dollar-stablecoin projects.
Reported by CoinGape
No agency has announced a formal program, and the reported plan has no disclosed country, funding amount or launch date.
Reported by Crypto.News
Deputy Treasury Secretary Francis Brooke said stablecoin providers own nearly $200 billion in Treasury bills and other close-to-maturity securities.
200,000,000,000 USDReported by Crypto.News
Brooke said stablecoin providers may keep growing and adding Treasury holdings as GENIUS Act rules are finalized.
Reported by Unchained
Crypto News puts the stablecoin market cap at $306.5 billion currently, while TheNewsCrypto gives approximately $302.8 billion for September 2026.
Disputed figureReported by Crypto News (CryptoNews.net)
What happened
The Trump administration is considering joint ventures with private companies to promote dollar-backed stablecoins overseas, according to Bloomberg, which cited people familiar with the plans. The reported goals are to maintain the dollar’s leading reserve-currency role and create demand for U.S. Treasuries; the Treasury Department and State Department could take part, as could the U.S. International Development Finance Corporation. No agency has announced a formal program. CoinGape mentioned Circle and Paxos as possible private firms, while Unchained said Bloomberg named no companies, target countries, dollar amounts or timeline. Market-cap estimates also differ, with Crypto News reporting $306.5 billion currently and TheNewsCrypto reporting about $302.8 billion as of September 2026. At the Treasury Market Conference, Deputy Treasury Secretary Francis Brooke said providers already own nearly $200 billion in Treasury bills and other close-to-maturity securities, and said holdings may grow as GENIUS Act rules are finalized.
How the story developed
- First report
First report by CoinGape
Trump Administration Considers Initiatives to Promote Dollar-Backed Stablecoins Overseas: Report
- Independent corroboration
Independently corroborated by Crypto.News
U.S. weighs overseas stablecoin push for Treasury demand
- Official statement
Brooke discussed stablecoin providers' Treasury holdings
On Tuesday, Deputy Treasury Secretary Francis Brooke spoke at the Treasury Market Conference and said providers already own nearly $200 billion of Treasury bills and other close-to-maturity securities.
- Update
Bloomberg reported the possible overseas ventures
Bloomberg reported on Sept. 23 that officials were discussing public-private stablecoin ventures involving U.S. agencies.
- Official statement
GENIUS Act signed into law
Unchained reports that the GENIUS Act was signed in July 2025.
- Official statement
Treasury opened comment on GENIUS Act rules
In August, Treasury Secretary Scott Bessent said Treasury wanted to cement the U.S. dollar's reserve-currency role.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 23 Sept 2026, 23:41 UTC: CoinGape — 1 independent source, 1 reports
- 24 Sept 2026, 01:40 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 2 reports
- 24 Sept 2026, 04:40 UTC: Crypto.News — 3 independent sources, 4 reports
- 24 Sept 2026, 04:44 UTC: Cointelegraph — 4 independent sources, 6 reports
- 24 Sept 2026, 06:26 UTC: TheNewsCrypto — 5 independent sources, 7 reports
- 24 Sept 2026, 06:33 UTC: CoinDesk — 6 independent sources, 8 reports
- 24 Sept 2026, 10:15 UTC: Unchained — 7 independent sources, 9 reports
- 24 Sept 2026, 21:30 UTC: CryptoPotato — 8 independent sources, 10 reports
Affected entities
Also mentioned: Visa, Bitcoin, USD Coin, Circle, U.S. Securities and Exchange Commission, International Monetary Fund, Coinbase
Original sources
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