Fed officials stated that stablecoin has emerged as a new force in monetary policy.

Fed Governor Stephen Miran believes that the development of stablecoins – tokens backed by cash and treasury bonds – could gradually lower the neutral interest rate (R-star) of the economy. He explains that the expansion of stablecoin circulation increases the amount of available capital in the financial system, thereby changing the balance between savings and investment, putting long-term downward pressure on interest rates.

Miran, who was appointed during Donald Trump's administration, continues to urge the Fed to cut interest rates sharply, arguing that the current policy is too tight in the context of R-star having fallen due to changes in trade, tariffs, and immigration.

According to him, stablecoins, although currently only accounting for a small part of the money supply, are becoming a new structural factor that could influence liquidity, demand for Treasury bonds, and the long term monetary policy direction of the Fed.