Washington may publicly reject a Central Bank Digital Currency (CBDC), but quiet efforts to explore the framework for one are already underway, according to Timothy Massad, former chairman of the US Commodity Futures Trading Commission (CFTC).
Speaking at the Digital Money Summit 2026 in London, Massad said authorities are privately examining CBDC-related infrastructure while publicly maintaining opposition to a digital dollar. He said the US is participating in behind-the-scenes international efforts tied to digital settlement infrastructure, including Project Agora.
Federal Reserve payments executive Mark Gould avoided directly endorsing a CBDC. Gould said the issue is not currently under the Fed’s remit, but acknowledged that any government-backed digital dollar would ultimately fall under the central bank’s oversight.
Trump’s executive order bans US CBDC
Trump has consistently opposed a CBDC. Shortly after his inauguration, the president signed an executive order banning federal efforts to develop a US CBDC while expanding support for cryptocurrencies, stablecoins, and blockchain innovation.
The administration said CBDCs pose risks to privacy, financial stability, and US sovereignty, and ordered agencies to terminate any ongoing CBDC-related initiatives.
Earlier this year, the Senate also voted overwhelmingly in favor of the 21st Century ROAD to Housing Act, a sweeping bipartisan housing package that includes a provision restricting the Fed from issuing a CBDC until at least 2030.
Massad said the growth of tokenized finance and international stablecoin adoption will eventually pressure the US into developing a government-supported onchain alternative regardless of current political messaging.
What is Project Agorá?
Project Agorá, led by the Bank for International Settlements (BIS) and involving several major central banks, is exploring how tokenization could reshape wholesale cross-border payments through a unified multi-currency ledger backed by central banks and major financial institutions.
The initiative aims to improve the speed, cost, and transparency of international payments by using tokenised commercial bank deposits and central bank reserves alongside technologies such as smart contracts.
The project brings together seven central banks and more than 40 private-sector institutions in one of the largest public-private collaborations focused on tokenized financial infrastructure. It has now advanced from the design stage into prototype development, with a report on findings and lessons learned expected in the first half of 2026.