Fed’s Waller Says Stablecoins Could Back Dollar’s Reserve Status
Federal Reserve Governor Christopher Waller said he’s supportive of stablecoins because they are likely to
propagate the dollar’s status as a reserve currency, though they need a clear set of rules and regulations.
Stablecoins are digital tokens intended to hold a steady value. Issuers typically promise to hold liquid assets, such as dollars or Treasury bills, in equal value to tokens created.
The Fed governor noted that stablecoins could be backed by any currency, but are commonly backed by dollars.
“I view stablecoins as a net addition to our payment system,” said Waller, who is chair of the Fed Board’s subcommittee on payments. “You might want some ...
