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) (the U.S. Stablecoin Innovation and Protection Act), the use of payment stablecoins may increase. They indicated that payment stablecoins could help improve the efficiency of payment systems and also observed that such stablecoins might increase the demand for the underlying assets (including U.S. Treasury bonds). Additionally, participants who expressed opinions were concerned that stablecoins could have broader implications for banks, the financial system, and the implementation of monetary policy, thus warranting close monitoring, including the oversight of various assets used to back stablecoins.
The Federal Reserve meeting minutes show: 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 term 'stablecoin' was mentioned 8 times in this Federal Reserve meeting minutes.
