The US Chose Stablecoins Over a Digital Dollar: Here's Why

Bi-Weekly Geopolitical Report - The Geopolitics of US Dollar Stablecoins (March 9, 2026)

by Bill O’Grady  | PDF The expansion and regulation of stablecoins have become major policy goals of the Trump administration. This form of cryptocurrency has the potential to dramatically improve the transfer of funds between economic entities and could be a new source of demand for US Treasurys. In this report, we will define what stablecoins are and then examine the evolving regulatory framework, how the emerging stablecoin market relates to …

The US Chose Stablecoins Over a Digital Dollar: Here's Why

Key Takeaways President Trump signed an executive order in January 2025 banning federal agencies from developing a digital dollar Multiple bills in Congress aim to make that ban permanent law Critics warn a CBDC would enable government surveillance of personal spending The US is pivoting to regulated private stablecoins instead, under the GENIUS Act Since early 2025, the federal government has taken concrete steps — executive, legislative, and …