The Federal Reserve (Fed) stated that it plans to hold a meeting next month themed 'Payment Innovation', focusing on discussions regarding 'Emerging Stablecoin Use Cases and Business Models' as well as 'Tokenization of Financial Products and Services'.
The meeting will be held on October 21, and will gather relevant parties to jointly explore how to drive innovation and improve the payment system.
Fed Governor Christopher Waller noted in a statement released on Wednesday: 'In order to meet the constantly changing needs of consumers and businesses, the payment sector is always innovating.'
I look forward to discussing the opportunities and challenges brought by new technologies, consolidating ideas on how to enhance payment security and efficiency, and hearing from those committed to shaping the future of payments.
In addition to stablecoins and tokenization, the conference will also discuss the prospects of the integration of traditional finance (TradFi) and decentralized finance (DeFi), as well as the intersection of artificial intelligence (AI) and payments.
The conference will be globally broadcasted through the Fed's official website, with more details to be announced.
After the Trump administration took office, the Fed's attitude toward cryptocurrencies has clearly become more open. In April of this year, the Fed withdrew its previous regulatory guidance that discouraged banks from participating in cryptocurrency and stablecoin businesses; subsequently, it ended the special regulatory program for banks involved in cryptocurrency business, while removing the 'reputational risk' classification from bank review standards, which is seen as a victory against the de-banking of cryptocurrencies.
Furthermore, according to the minutes of the July Federal Open Market Committee (FOMC) meeting, it was mentioned that stablecoins pegged to fiat currencies "help improve the efficiency of payment systems," and it was further observed that stablecoins may increase demand for reserve assets (such as U.S. Treasury bonds).
Fed Vice Chair for Supervision calls for allowing Fed employees to hold a small amount of cryptocurrencies.
"The Fed will hold a 'Payment Innovation' conference next month: focusing on discussions about 'stablecoins' and 'tokenization'" This article was first published on (Blockchain).
