Why the US Turned Away From a Digital Dollar and Backed Regulated Stablecoins Instead

On 8 March 2026, US policy toward digital money stood clearly against a Federal Reserve–issued CBDC and in favor of tightly supervised private stablecoins. Following President Trump's January 2025 executive order halting federal CBDC work, lawmakers advanced multiple bills to lock the ban into law while the GENIUS Act of 2025 set strict reserve, reporting, and audit rules for dollar-backed stablecoin issuers. Supporters argue this path preserves the dollar's role in global payments without creating a state-run wallet that could expand government oversight of personal transactions.