Fed Minutes Note Stablecoins May Boost Demand for U.S. Treasuries

According to ChainCatcher, citing Jinshi News, the Federal Reserve released the minutes of its July meeting, in which many participants discussed the recent and future development of payment stablecoins and their impact on the financial system. The participants noted that with the passage of the GENIUS Act, the use of payment stablecoins may increase, thereby improving the efficiency of the payment system and potentially boosting demand for the assets backing them, including U.S. Treasury bonds. In addition, they expressed concerns that stablecoins could have broader implications for banks, the financial system, and the implementation of monetary policy.