The Trump administration is weighing a plan to actively push dollar-backed stablecoins worldwide — joint ventures with private companies, with Treasury, State, and the USIDFC all potentially involved, per Bloomberg.
The logic is straightforward: stablecoin issuers must hold reserves in dollars and U.S. Treasuries. Their combined holdings already sit near $200 billion, ranking them among the top 20 holders of American sovereign debt. Every new
USDC wallet opened abroad is essentially a fresh bid for U.S. government paper.The IMF's concern is the flip side: in emerging economies, dollar-pegged stablecoins risk accelerating capital flight and stripping central banks of visibility over money flows — blockchain doesn't route through traditional channels.
One instrument, two outcomes — depending on which side of the flow you're on.
CoinDesk