Stablecoins Benefit the US Payment System?

Federal Reserve Governor Christopher Waller said on April 4 that stablecoins (a type of cryptocurrency) have a good role to play in the US payment system, but he doubts the financial system can support a large number of these assets.

FED Governor Christopher Waller said he strongly supports stablecoins. Illustration photo

“ I would say I am a strong supporter of stablecoins ,” said Christopher Waller at a Federal Reserve Bank of New York event. “ I have been saying this for over three years about how this can bring competition, efficiency and speed to the payments system.”

Christopher Waller is currently leading work on payments systems issues for the US central bank, a job that he admits could have been gloomy in the past but is now “ exciting ” thanks to the level of innovation happening in the industry.

Christopher Waller has once again stressed that he does not see a need for the US Federal Reserve to issue its own digital dollar and believes it is best to let the private sector lead innovation in payment systems.

“ I like to let the private sector solve these problems ,” he said. He said the Fed’s role is to “ bring the whole industry together to think about what problems need to be solved and how to solve them .”

Mr. Christopher Waller also reiterated that the challenge in speeding up the payment system is that everyone wants to receive money quickly but not everyone wants to send money that quickly.

Minh Hien

According to Reuters

Source: https://congthuong.vn/stablecoin-mang-lai-loi-ich-cho-he-thong-thanh-toan-cua-my-381755.html