PANews reported on August 21 that the Federal Reserve released the minutes from the July meeting, which mentioned that many participants discussed recent and future developments related to payment stablecoins and their potential impact on the financial system. These participants noted that with the recent passage of the (GENIUS Act) (U.S. Stablecoin Innovation and Consumer Protection Act), the use of payment stablecoins may increase. They stated that payment stablecoins can help improve the efficiency of payment systems and also observed that such stablecoins may increase the demand for the underlying assets that support them, including U.S. Treasury securities. Additionally, the participants expressed concerns that stablecoins could have broader implications for banks, the financial system, and the implementation of monetary policy, making it important to closely monitor this situation, including the various assets used to support stablecoins.
The Federal Reserve's meeting minutes show that officials are closely monitoring the growth of stablecoins and the related risks following the passage of the (GENIUS Act).
According to financial blog Zero Hedge statistics, the mention of stablecoins in this Federal Reserve meeting minutes occurred 8 times.