According to a report by Bloomberg, Christopher Waller, a member of the Federal Reserve Board of Governors, expressed his views on stablecoins during a speech hosted by the Atlantic Council on Thursday. He believes that stablecoins could help maintain the status of the US dollar as a reserve currency, but it is essential to have a clear set of regulatory rules.
Stablecoins are digital tokens designed to maintain a stable value, and the issuer typically commits to holding liquid assets, such as US dollars or government bonds, equal to the tokens created. According to data from DefiLlama, the total market value of stablecoins is currently around $233 billion, with the largest being the US dollar stablecoin USDT issued by Tether.
Waller also stated, “I think stablecoins are a net gain for our payment system.” However, he pointed out that stablecoins “may require some regulatory mechanisms to ensure the existence of funds” and that there should be institutions responsible for verifying their full redemption capacity.
Waller added that both major political parties in the United States believe it is necessary to advance legislation related to digital currencies. This week, a bipartisan group of senators introduced a bill aimed at establishing a regulatory framework for stablecoins.
