The Trump administration is reportedly considering an initiative to promote dollar-denominated stablecoins in overseas markets, potentially through joint ventures between federal agencies and private companies. The effort, which could involve the Treasury Department, State Department and U.S. International Development Finance Corp., aims to preserve the dollar's reserve-currency role and expand demand for U.S. Treasuries held in stablecoin reserves. The GENIUS Act, signed into law by President Donald Trump last year, requires issuers to maintain reserves including dollars and short-term Treasuries. The stablecoin market stands at about $306 billion, led by Tether's USDT, while dollar-pegged tokens account for about $305 billion of the total. The initiative is being considered as China advances its digital yuan and Europe develops a digital euro and regulated euro-denominated stablecoins.