US officials quietly explore CBDC structure despite Trump ban

Political opposition to a central bank digital currency in the US has not stopped officials from quietly building the infrastructure to support one, according to former CFTC chairman Timothy Massad.

Speaking at the Digital Money Summit 2026 in London, Massad described a gap between public messaging and private workstreams. US authorities are participating in behind-the-scenes international efforts tied to digital settlement infrastructure, he said, including Project Agorá led by the Bank for International Settlements (BIS). Federal Reserve payments executive Mark Gould avoided directly endorsing a CBDC. Gould said the issue is not currently under the Fed’s remit. He acknowledged that any government-backed digital dollar would ultimately fall under the central bank’s oversight.

The Quiet Build Behind the CBDC Ban

President Donald Trump signed an executive order shortly after his inaugural banning federal efforts to develop a US CBDC. The administration cited risks to privacy, financial stability, and US sovereignty, and ordered agencies to terminate any ongoing CBDC-related initiatives.

Earlier this year, the Senate voted overwhelmingly in favor of the 21st Century ROAD to Housing Act, a 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. “Authorities are quietly exploring the framework,” Massad said at the summit. “The plumbing is being built even if the political will is absent.”

Key insight: Political bans delay policy, not infrastructure. The technical groundwork proceeds independently of executive orders.

Project Agorá as the Infrastructure Bridge

Project Agorá, led by the BIS, 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 using tokenised commercial bank deposits and central bank reserves alongside 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.

Massad said the US is participating in behind-the-scenes international efforts tied to digital settlement infrastructure, including Project Agorá. The BIS project serves as a proof-of-concept that could accelerate adoption of tokenized settlement even if a consumer-facing CBDC remains banned.