Federal Reserve Board Governor Waller: The payment system is undergoing a technological revolution, and the Fed is conducting technical research on innovations including tokenization and smart contracts.

According to the Federal Reserve's official website, Federal Reserve Board Governor and Vice Chairman for Financial Supervision and Regulation Waller stated at a Wyoming blockchain symposium that the payment system is undergoing a "technology-driven revolution," with recent advances in computing power, data processing, and distributed networks driving the growth of innovative payment services. These include 24/7 instant payments, user-friendly digital wallets and mobile payment applications, stablecoins, and other digital assets. The Fed is also conducting technical research on the latest wave of innovations, including tokenization and smart contracts.

Furthermore, Waller believes that stablecoins have the potential to maintain and expand the role of the US dollar internationally. Stablecoins also have the potential to improve retail and cross-border payments.