Fed says stablecoins threaten financial stability

Lack of transparency in stablecoins could threaten financial stability, заявили at a meeting of representatives of the U.S. Federal Reserve System (the Fed).

The meeting took place at the end of July, but its minutes were published only now.

Participants highlighted the fragility and overall lack of transparency of stablecoins, as well as the importance of monitoring them and developing ‘an appropriate regulatory framework’.

“Some participants pointed to potential risks to financial stability, including those associated with the expanded use of cryptocurrencies,” the minutes say.

named Tether (USDT) ‘the new disruptor’ of the short-term lending market.

In July, Fed Chair Jerome Powell doubted the need for stablecoins and cryptocurrencies after the emergence of a digital version of the dollar.

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