Tether reported $114.96 billion in direct U.S. Treasury holdings as of June 30, while its total reserve assets reached $187.75 billion, exceeding liabilities by $4.11 billion. The Trump administration is considering an overseas stablecoin initiative that could use a joint venture with private companies to expand dollar use and support demand for U.S. government debt. The Treasury Department, State Department and U.S. International Development Finance Corporation may participate, but the plan is not operational and no partnership with Tether has been established.