Stablecoins: A New Era for Interest Rates and the Dollar?
Update: 2025-11-08
Description
Federal Reserve Governor Stephen Miran discusses the potential impact of stablecoins on the economy. He suggests that increased use of stablecoins could lower short-term interest rates, as they might lead to more money available for lending and a decrease in the neutral rate. Miran also notes that stablecoins are making the U.S. dollar more appealing globally, increasing demand for U.S. assets and potentially lowering borrowing costs for the government. He implies that the Federal Reserve may need to adjust its monetary policy in response to these changes.
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