[DigitalToday reporter Hyunwoo Choo] The U.S. government is reviewing ways to expand overseas use of dollar-backed stablecoins. Cointelegraph, a blockchain outlet, reported on Sept. 24 local time that the Trump administration is looking at using them to strengthen the dollar’s status as the world’s reserve currency.

The review could include a joint venture format with private companies. Options under discussion also include participation by several federal agencies, including the Treasury and State departments and the U.S. International Development Finance Corp. The U.S. government expects that expanding international use of dollar-denominated stablecoins would also increase demand for U.S. Treasuries, the main reserve assets backing these stablecoins.

The initiative coincides with moves by countries to build digital payment infrastructure. China’s digital yuan is being used in Project mBridge, a cross-border transaction platform for central bank digital currencies. The European Central Bank is preparing a 12-month digital euro pilot project expected to begin in the second half of 2027.

Senior U.S. officials have repeatedly linked the growth of dollar-backed stablecoins with maintaining the dollar’s global standing. In February 2025, David Sacks (데이비드 색스), then the White House’s crypto and AI czar, said stablecoins could expand dollar dominance internationally and create additional demand for U.S. government debt on the scale of trillions of dollars.

Treasury Secretary Scott Bessent also said in July 2025 that the Genius Act, which established a federal regulatory framework for payment stablecoins, could strengthen the dollar’s reserve-currency status, broaden access to the dollar economy and increase demand for U.S. Treasuries. On Aug. 17, the Treasury issued a proposed rule notice seeking comments on provisions related to the issuance, offering and sale of payment stablecoins.