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Federal Reserve Board member Waller: Supporting the development of regulated stablecoins helps to reinforce the global dominance of the US dollar.👇
Deep Tide TechFlow news states that Federal Reserve Governor Christopher Waller expressed support for the development of stablecoins under clear rules and regulations during an interview with the Atlantic Council think tank. He believes this will help reinforce the U.S. dollar's position as a global reserve currency. Waller pointed out that stablecoins will expand the global influence of the dollar and make it a more significant reserve currency than it is now. Data shows that the dollar currently accounts for over 99% of the stablecoin market share, with the largest stablecoin, $USDT, making up nearly 80% of stablecoin trading volume. Meanwhile, U.S. Senator Bill Hagerty introduced the GENIUS Stablecoin Act on February 4, aiming to create a regulatory framework for high market capitalization dollar-pegged crypto tokens.