The US Treasury, State Department, and possibly the US International Development Finance Corporation are weighing a plan to promote dollar-backed stablecoins globally through public-private partnerships.
America seeks global dollar stablecoin adoption
According to Bloomberg, the initiative is part of America’s plan to boost its Treasuries, in addition to the dollar’s global dominance. Challenges for the proposal include regulatory actions by other nations and the risk of bank deposit flight – an issue that has long plagued stablecoin uptake.
A 2026 survey by Visa found that the number of Americans willing to use stablecoins rose from 36% to 56%. The main motivations here were increased anti-fraud mechanisms and insurance policies.
Beyond that, the stablecoin market cap is currently at $306.5 billion, with Tether’s USDT dominating at 59.83%.
Source: DefiLlama
China and Europe stablecoin push
Rival nations such as China and the European Central Bank (ECB) are already pushing for similar moves for the digital yuan (e-CNY) and the digital euro, respectively. According to the Atlantic Council, the e-CNY has grown by over 800% since 2003, with cumulative transaction value exceeding $2.3 trillion by the end of 2025.
Furthermore, China has taken aggressive measures to promote the stablecoin. These include mandating banks to pay interest and conduct lending and borrowing using the digital yuan. The People’s Bank of China (PBOC) has also authorized more than 30 institutions as operators of the digital currency.
So far, the e-CNY has promoted fast 24/7 digital payments internationally, bypassing traditional Western-dominated rails such as SWIFT. The digital currency now accounts for 95% of mBridge transactions – a project that enables peer-to-peer international CBDC settlements.
Meanwhile, Europe is advancing its digital euro to wean itself from American financial dependency. Currently, 13 of 20 eurozone countries rely on Western card schemes like Visa and Mastercard for payments. However, unlike China, European banks do not pay interest on digital euro deposits.
Community reaction
Community reaction was split between approvers and critics. Supporters say it would boost the overall stablecoin industry, in addition to economic security.
On the other hand, critics are skeptical of stablecoins’ actual backing, saying it is a means to promote the nation’s Treasury bonds, which are currently at 2007-highs.
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