"I believe in the capabilities of private companies that can develop useful solutions for businesses and consumers. In my observations, the private sector is looking for ways to support the use of stablecoins for retail payments. Meanwhile, the task of the public sector is to create fair conditions for market participants," said Waller.
Speaking at a conference in San Francisco, Christopher Waller referred to stablecoins as "synthetic dollars," similar to the money of commercial banks. The rules could accelerate payments and international settlements, as well as reduce transaction costs, the official stated.
He acknowledged that stablecoins could expand access to the US dollar, especially for residents of countries with high inflation.
Stablecoins broaden the use of the US dollar, so banks and non-bank credit organizations should have the ability to issue regulated stablecoins, the Fed executive believes.
He is confident that businesses are quite capable of issuing stable cryptocurrencies that will be used by both themselves and the public.