Trump Administration Weighs Plan to Push Dollar Stablecoins Overseas, Bloomberg Sources Say

The Trump administration is reviewing ways to push dollar-backed stablecoins into foreign markets, according to a Bloomberg report published September 23 and cited by multiple outlets including BigGo Finance and CoinGape. The goal, per Bloomberg's anonymous government sources: keep the dollar as the world's reserve currency and drive more foreign money into U.S. Treasuries.

The structure floated involves public-private partnerships. Federal agencies potentially in the mix include the Treasury Department, the State Department, and the U.S. International Development Finance Corporation, according to BigGo Finance. The DFC is currently run by Ben Black, son of Apollo Global Management co-founder Leon Black.

Nobody official is confirming any of this. Treasury and the White House gave no specific response to Bloomberg's questions. State and the DFC declined to comment. The sources spoke on condition of anonymity because the plan isn't public. No business structure or timeline has been disclosed.

Crypto Briefing's write-up frames this as an already-cohering "multi-pronged strategy" tying together executive orders, legislation, and Fed commentary into a settled thesis. The underlying Bloomberg reporting, as relayed by BigGo Finance and CoinGape, describes something earlier-stage: a plan under internal review, sourced anonymously, with zero agency confirmation and no disclosed timeline. Those are different things.

The Groundwork Already in Place

Whatever shape this takes, it builds on real policy. President Trump signed an executive order on January 23, 2025, calling for promotion of lawful dollar-backed stablecoins. Congress followed with the GENIUS Act, signed into law July 18, 2025, which created the first federal regulatory framework for payment stablecoins and requires issuers to hold reserves 1:1 in cash or short-term Treasuries. That rule is expected to take effect in January 2027, per TradingView, with full rulemaking stretching into 2028 according to Crypto Briefing.

Federal Reserve Governor Christopher Waller made the geopolitical logic explicit in May 2026, arguing dollar stablecoins effectively export U.S. monetary conditions abroad, similar to a fixed exchange rate regime.

The numbers back up why Washington cares. The global stablecoin market was worth roughly $302.8 billion as of September 2026, with 99.4% of it pegged to the dollar, according to BigGo Finance. Tether, the largest issuer, reported $187.7 billion in reserves against $183.4 billion in liabilities at the end of the second quarter of 2026. In September 2026, a group of 21 global banks announced plans to launch a new dollar stablecoin in the first half of 2027, according to Crypto Briefing, a sign traditional finance has stopped treating the technology as a reputational liability.

Congress Isn't Cooperating

While the administration studies overseas expansion, Congress can't agree on the domestic rulebook. The Senate failed 49-50 to advance the Digital Asset Market Clarity Act on September 15, according to the Epoch Times, with Sen. Thom Tillis (R-N.C.) flipping his vote to "nay" at the last moment.

Sen. Cynthia Lummis (R-Wyo.) said Democrats had already won more than 100 concessions and called the bill bipartisan. She argued a no vote hands the digital finance industry to foreign competitors. Sen. Elizabeth Warren (D-Mass.) countered on the Senate floor September 14 that the bill would let President Trump "rake in billions and billions of dollars from crypto" while ordinary Americans struggle with affordability. Banks separately objected that interest-style payouts on stablecoins could pull deposits out of the traditional banking system, according to the Epoch Times.

That ethics fight is worth flagging. If the DFC, an agency built to advance U.S. foreign policy through private-sector partnerships, ends up steering money into stablecoin ventures while the president's family has its own crypto interests, that's a legitimate conflict-of-interest question, not just partisan noise from Warren. No investigation into any specific overseas stablecoin arrangement has been announced, and no formal plan has been confirmed by any agency, so there's nothing concrete yet to investigate. But the question of who benefits if this partnership model moves forward isn't going away.

What Consumers Actually Get

Separately, a Visa survey of 2,192 U.S. respondents, run by Morning Consult between February and March, found stablecoin "adoption intention" could jump from 36% to 56% if issuers offered bank-level fraud protection and deposit insurance. Under the GENIUS Act as currently written, stablecoins still won't carry FDIC insurance when the law takes effect in January 2027, according to TradingView. That's a real gap for anyone assuming a dollar-backed token works like a bank account.

Overseas, the European System of Central Banks called this week for loosening MiCA's rule requiring stablecoins to hold 30% to 60% of reserves in bank deposits, pushing instead for liquidity thresholds, per TradingView. Euro-denominated stablecoin market cap more than doubled from 2025 to 2026, but dollar tokens USDC and USDT still hold roughly $260 billion combined, dwarfing the competition.

The unresolved question is simple: does the White House's overseas stablecoin push ever become an actual, named program with a disclosed structure, or does it stay an anonymously sourced trial balloon while Congress can't even pass the domestic rules first?