Fed Governor Christopher Waller continues to stump for stablecoin, dismiss CBDC.
This primacy is not due to technological factors, and so the introduction of a U.S. CBDC would not impact the reasons for that primacy, Waller argued. He expressed doubt that “the purported shifting payments landscape as a result of the growth of digital assets, particularly CBDCs” is a threat to the U.S. dollar’s status in the world making settlements or storing value, although foreign CBDCs might make gains against the dollar as a medium of transaction.“A U.S.
This contrasts with the role of stablecoin, in Waller’s view. He dismissed suggestions that stablecoins could threaten the effectiveness of economic policy with the simple statement “I don’t believe that to be the case.” Noting that “nearly all major stablecoins” are dollar denominated, Waller concluded, “U.S. monetary policy should affect the decision to hold stablecoins similar to the decision to hold [U.S.] currency.” Presumably, this would extend U.S. economic influence.
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