The Trump administration is considering joint ventures with private firms to promote dollar-backed stablecoins in foreign markets. The plan would involve the Treasury Department, the State Department, and the U.S. International Development Finance Corp., which co-invests in private projects serving American foreign policy goals. Stablecoin issuers already hold close to $200 billion in Treasury bills, a figure the administration aims to increase. The GENIUS Act, signed by Trump, requires issuers to back every token with cash and short-dated Treasuries. This initiative comes amid competition with China, which has officially banned stablecoins, the ECB, whose president Christine Lagarde opposes euro-denominated stablecoins, and BRICS countries exploring their own alternatives.
Source: Read the original article
