Federal Reserve Governor Waller: Stablecoins Can Boost Overall Demand for the US Dollar

According to a report by Jinse Finance, Federal Reserve Governor Waller stated on Thursday that stablecoins will enhance competition within the payment system, which is a positive development. Speaking at an event hosted by the Federal Reserve Bank of Dallas, Waller noted that the rise of stablecoins will make many types of payments cheaper and faster. "As a free-market capitalist economist, my goal is to reduce costs for households, consumers, and businesses through competition in the payments sector," Waller said. He also mentioned that while stablecoins may reduce the demand for U.S. paper currency, they will strengthen overall demand for the U.S. dollar.