Can Stablecoins and DLT Revolutionize Payment Efficiency?
Description
Federal Reserve Governor Christopher Waller stated that stablecoins and distributed ledger technology could reduce payment costs and improve efficiency for businesses and consumers. He explained that stablecoins provide an alternative for cross-border payments, especially in countries with limited access to dollar banking services. Waller described how distributed ledger technology can address challenges in the correspondent banking model by offering faster, more transparent, and less expensive transactions. He referenced the 'stablecoin sandwich' model and tokenized deposits as potential solutions. Waller noted that new legislation, the Genius Act, provides regulatory clarity for stablecoins in the United States. He said the Federal Reserve is researching technologies such as tokenization, smart contracts, and artificial intelligence to support payment system upgrades. Waller is considered a leading candidate for the next Federal Reserve chairman.
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