As Donald Trump eyes a potential return to the presidency, he stands firmly against the establishment of a central bank digital currency (CBDC) and any state-backed stablecoin in the US. Despite this public opposition, discussions and development activities on digital currencies continue quietly within governmental corridors. At the Digital Money Summit 2026 in London, Timothy Massad, former CFTC Chairman, revealed to CoinDesk that the US remains engaged with the global digital currency movement, albeit cautiously.
What is the Federal Reserve’s Position?
Speaking at the same summit, Mark Gould, Chief Payments Executive of the Federal Reserve, clarified that the Fed currently has no plans for launching a central bank stablecoin. He noted, “This is not within our remit,” suggesting the potential future role for a digital dollar under the Fed remains conceivable but uncertain.
Earlier in 2024, Trump reiterated his stance stating, “As your President, I will never allow the creation of a central bank digital currency.” His assertion came just as the Senate approved a bill, now stalled in the House, to block the Federal Reserve from issuing a digital dollar, a move reflecting significant political resistance.
How is the US Responding to International Developments?
The rapid development of CBDCs and stablecoins by European and Asian central banks has not gone unnoticed domestically. Massad emphasizes that the US should not simply observe from a distance but must construct its own digital infrastructure. He alludes to the urgency given geopolitical and financial shifts occurring globally.
Project agora exemplifies international momentum, involving collaboration among seven central banks, including the US, to explore innovative cross-border payment technologies. Massad believes this project underscores the pressing need for the US to engage proactively in the global digital currency landscape.
US officials have largely refrained from defining whether any future CBDC should cater to retail consumers or wholesale operations. Nevertheless, significant research is ongoing, including active US involvement in global financial networks.
• Project agora: Testing innovative international payment systems.
• EU Digital Euro: Towards a retail digital currency for the Eurozone.
• China e-CNY: Developing a national digital currency infrastructure.
Despite this extensive behind-the-scenes work, the US’s digital currency policy remains unclear, driven by both domestic debates and the need to keep pace with global advancements. European and Asian strides suggest clarity and decisive action are imperative for the US to stay competitive in this emerging financial era.
