Christopher Waller, a member of the U.S. Federal Reserve, confirmed during his participation in the blockchain forum in Wyoming that stablecoins represent a fundamental pillar in the development of modern payment systems, noting that they could enhance the dollar's global standing and contribute to improving the efficiency of local and international payments.
Waller explained that stablecoins, as digital assets linked to traditional currencies, have become a driving force in the path of financial innovation. He also noted that the recent signing by the U.S. president of the GENIUS Act regulating the stablecoin market opens the door for their further expansion in the upcoming phase.
He added that blockchain technologies are not a substitute for traditional payment systems as much as they are a complement to them, indicating that steps such as executing transactions and issuing receipts already exist in the current financial system and can be flexibly applied within the digital asset environment. He pointed out that decentralized finance (DeFi) technologies – from smart contracts and asset tokenization to distributed ledgers – are merely new tools for transferring value and documenting processes, calling for them to be seen as a natural stage in the evolution of the financial ecosystem.
Market data indicates that the size of the stablecoin sector has reached approximately $280 billion, representing 7% of the total cryptocurrency market. Tether (USDT) leads the scene with a market share of nearly 60% and a trading volume exceeding $167 billion, followed by Circle with its currency (USDC) holding a 24% share and a volume of about $67.5 billion. Despite the entry of new competitors like Ripple (RLUSD) and World Liberty Finance (USD1), the market is still dominated by major projects.
Waller's statements reflect a growing trend within the Federal Reserve towards a more open policy regarding digital assets, especially after the bank lifted in April last year the restrictions imposed in 2022 on banking institutions concerning cryptocurrency activities. At the same time, the Fed is studying applications like tokenizing real assets, smart contracts, and artificial intelligence to understand technological developments and support the integration of the private sector with the banking infrastructure.
These positions stand out as a clear indicator of the willingness of the U.S. monetary institution to build closer bridges between the traditional financial system and the emerging digital economy, paving the way for a new phase of integration between technological innovation and the global financial sector.
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