US, UK central bankers offer contrary views on stablecoins

Federal Reserve governor Christopher Waller told a conference on Sunday that stablecoins expand the reach of US policy while the Bank of England’s Megan Greene expects their popularity will soon fade.

US Federal Reserve governor Christopher Waller said Sunday that the growing use of dollar-backed stablecoins could bolster the global influence of US monetary policy.

Waller told participants at the 32nd Dubrovnik Economics Conference that countries that increasingly rely on stablecoins backed by the US dollar may effectively import US monetary conditions, Bloomberg News reported Sunday.

“I've always just looked at ​stablecoins as a payment instrument; there's nothing evil about it, nothing dangerous about it,” Waller said. “They ​are just bringing competition into the payments world,” Reuters reported.

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