US authorities must find ways to integrate stablecoins into the financial system. With this statement выступил Randall Quarles, vice chair of the Federal Reserve System (Fed).
The official questioned the desirability of creating a digital dollar in light of efforts to improve existing payment systems and instant-payment initiatives. Quarles argues that the development of CBDC would lose its meaning if stablecoins are properly structured.
“When we solve the problems, we should say ‘yes’ to stablecoins, and not look for ways to say ‘no’, he explained.
According to Quarles, the Fed should not be ‘afraid’ of stablecoins, and the agency has a ‘strong regulatory interest’ in them.
The vice chair’s remarks contrasted with those of his colleagues.
In particular, Board member Lael Brainard expressed concern about the potential risks of stablecoins to consumers and businesses. Boston Fed President Eric Rosengren called Tether a ‘challenge’ to financial stability.
In January, Fed Chair Jerome Powell said that regulation of stablecoins is more important than issuing the U.S. digital dollar.
As of late May, the total market capitalization of stablecoins surpassed $100 billion.
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