The Trump administration is considering a new initiative to promote dollar-pegged stablecoins internationally, according to people familiar with the matter, in a bid to cement the U.S. currency's status as the world's primary reserve asset.

The stablecoin project is among the areas the White House may support through joint ventures with the private sector, the sources said, with the goal of preserving U.S. monetary dominance and boosting demand for Treasury bonds. Stablecoin issuers typically back their tokens with cash and short-term government debt.

Several federal agencies could be involved in the effort, including the Treasury Department and the State Department, some of the people said. The U.S. International Development Finance Corporation (DFC) may also play a role. The Treasury and the White House did not respond to requests for comment, while the State Department and DFC representatives declined to comment.

DFC, which partners with private-sector entities to advance U.S. foreign policy objectives, is led by Ben Black, the son of Apollo Global Management co-founder Leon Black. Stablecoins, digital assets typically pegged to fiat currency, have gained momentum as financial firms increasingly embrace them, with the vast majority of tokens in circulation tied to the U.S. dollar.

President Trump signed the GENIUS Act into law last year, establishing a federal regulatory framework for stablecoins that requires issuers to hold reserves including dollars and short-term Treasuries. Treasury Secretary Scott Bessent has also said that stablecoin growth could strengthen the dollar's role as the global reserve currency.

Meanwhile, economies around the world are collaborating on new digital payment infrastructure, such as the multi-central bank digital currency bridge project known as Project mBridge. China's digital yuan is one of the digital currencies used on that network. The European Central Bank is also advancing its digital euro initiative, and this week launched a project to connect blockchain markets with the region's existing payment systems.