Federal Reserve Governor Christopher Waller has thrown his weight behind regulated stablecoins, calling them essential to securing the U.S. dollar’s role as the world’s dominant reserve currency. In an interview with the Atlantic Council on Feb. 6, Waller argued that well-regulated stablecoins would “broaden the reach of the dollar” globally and provide new ways for payments on blockchain networks.
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Stablecoins Can Strengthen Dollar’s Hold
Waller envisions stablecoins boosting international finance by making U.S.-dollar transactions easier to execute and harder to block. Countries like China and Russia have pushed for trade alternatives that bypass the dollar, but Waller believes stablecoins complicate such efforts. “It’s a lot harder to stop stablecoins than confiscating currency that people might be hoarding in their bedroom,” he explained.
U.S. Seeks Stablecoin Leadership
Despite stablecoins’ $200 billion market cap and $27.6 trillion in annual transaction volume, a Chainalysis report found the U.S. lagging in adoption. President Donald Trump’s crypto czar David Sacks recently outlined plans to prioritize stablecoin innovation, aiming to bring more activity onshore. Meanwhile, U.S. Senator Bill Hagerty introduced the GENIUS bill to regulate stablecoins pegged to the dollar, splitting oversight between state and federal agencies based on market cap.
For now, stablecoins remain a strategic tool in the fight to keep the U.S. dollar at the top of the global economic ladder.
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