CoinDesk
Former CFTC Chairman Timothy Massad said at CoinDesk's Digital Money Summit 2026 in London that a U.S. central bank digital currency is inevitable, despite President Donald Trump's vocal public opposition. Massad argued that U.S. officials are quietly exploring CBDC-style infrastructure behind closed doors, including through participation in the Bank for International Settlements' Project Agora — a cross-border initiative grouping seven central banks.
Mark Gould, chief payments executive at the U.S. Federal Reserve, declined to discuss a central bank stablecoin at the event, saying "This is not under our remit." But when pressed on whether a government-backed digital dollar would fall to the Fed, Gould acknowledged it would.
Why it matters
Trump vowed in March 2024 that he would "never allow the creation of a central bank digital currency." An amendment to ban the Federal Reserve from issuing a digital dollar passed the Senate 89-10 in March 2026, but remains attached to a housing bill that has yet to clear the House. Massad's comments suggest the policy reality inside the building diverges sharply from the rhetoric on the campaign trail.
Project Agora is the wedge: the U.S. is a member country, and the cross-border settlement work continues regardless of Washington's public posture. Massad told CoinDesk that global tokenization momentum will eventually force a government-backed on-chain alternative onto the Fed's plate.
Market impact
A pivot toward government-backed digital-dollar infrastructure would reshape the stablecoin landscape that Tether, Circle, and a growing roster of non-dollar issuers currently dominate. Non-dollar stablecoins still struggle to crack 0.5% of market share, leaving the U.S.-dollar peg as the strategic battleground. If the Fed eventually moves to issue its own settlement token — even quietly — incumbents face structural displacement risk, while banks and payment processors reorient around new rails. Watch the House vote on the CBDC-ban amendment and any BIS Project Agora milestones as the next catalysts.
Frequently asked questions
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What did former CFTC chair Timothy Massad say about a U.S. CBDC?
Speaking at CoinDesk's Digital Money Summit 2026 in London, Massad said a U.S. central bank digital currency or government-backed stablecoin is inevitable. He argued U.S. officials are exploring CBDC-style infrastructure behind closed doors despite public opposition from President Trump.
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What is BIS Project Agora and how is the U.S. involved?
Project Agora is a Bank for International Settlements initiative bringing together seven central banks to explore cross-border settlement infrastructure. Massad confirmed the U.S. is a participating member country, meaning the work continues inside multilateral channels even as Washington publicly rejects a retail…
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What did the Federal Reserve's Mark Gould say about a CBDC?
Gould, the Fed's chief payments executive, declined to discuss a central bank stablecoin on stage, saying the topic is "not under our remit." When pressed on whether a government-backed digital dollar would fall to the Fed, he acknowledged it would — just not at present.
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What has Trump said and done about a U.S. CBDC?
Trump vowed in March 2024 that he would "never allow the creation of a central bank digital currency." In March 2026, a Senate amendment banning the Fed from issuing a digital dollar passed 89-10, but it remains attached to a housing bill that has yet to clear the House of Representatives.
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How would a U.S. government-backed digital dollar affect existing stablecoins?
A Fed-issued or government-backed settlement token would reshape the stablecoin market Tether and Circle currently dominate. Non-dollar stablecoins still hold less than 0.5% of market share, making dollar-pegged rails the strategic battleground and incumbents potentially exposed to structural displacement.
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