Stablecoins' Impact on US Economy: Fed's Perspective
Update: 2025-11-08
Description
Federal Reserve Governor Stephen Miran discusses the potential impact of stablecoins on the economy. He suggests that if stablecoins become widely used, the central bank might need to keep short-term interest rates lower than usual. Miran explains that stablecoins, which are cryptocurrencies designed to maintain a stable value against the dollar, are increasingly becoming part of the financial system. He believes that dollar-denominated stablecoins make the dollar and other dollar assets more attractive globally, which could have significant implications for the U.S. economy. Miran also notes that stablecoins could strengthen the dollars dominance worldwide, potentially something monetary policy reacts to.
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