Federal Reserve Governor Christopher Waller said on Friday, April 4, that stablecoins are a good thing for the United States payments system, but he doubts that the country’s financial system will be able to support a large number of assets of the appropriate category.
At a New York Fed event, Christopher Waller called himself a big advocate of stablecoins. According to him, he has been talking for three years about how the mentioned assets can bring competition, efficiency, and speed to the United States payments system.
Christopher Waller is leading the work on payments system issues for the US central bank. According to him, in the past this work was grim, but now it is fascinating, given the level of innovation taking place in the sector. He stated that if someone had told the Fed governor 25 years ago they had to oversee the payments committee, they’d put a gun in their mouth.
Mr. Waller has repeatedly stated that, in his opinion, there is no need for the central bank of the United States to adopt its own fully digital dollar. In his opinion, a better practice is a situation in which the private sector leads innovations in payment systems. He is convinced it is not his job as an unelected bureaucrat to tell everyone how they should do things. In his opinion, the role of the Fed is to convene the industry together to think about what the problems are and how they can be solved.
Christopher Waller stated that the challenge of speeding up the payments system is that everyone wants to get paid quickly, but not everyone wants to send the cash as quickly.
As we have reported earlier, Stablecoins to Cut Business Costs by $26 Billion Worldwide by 2028.
