Speaking at the Wyoming Blockchain Symposium on Wednesday, said Central Bank Governor Christopher Waller: “The payment system experiences what I have called a” technology-driven revolution “.”
He added That this includes direct payments, digital portfolios, mobile payment apps, stablecoins and other digital assets and AI. He specifically mentioned Stablecoins, or Fiat-Pegged crypto-assets, as the director of this fintech revolution.
“I believe that Stablecoins have the potential to maintain and expand the role of the dollar internationally. Stablecoins also have the potential to improve retail and cross-border payments.”
Nothing scary about Defi
Waller emphasized that Blockchain technology is a supplement instead of replacing traditional payment systems, so that many stablecoin activities still depend on Legacy paying services.
Simply in: Fed Gouverneur Christopher Waller calls on the US to embrace AI and Stablecoins to modernize his payment systems – aimed at faster, cheaper and safer transactions.
He emphasizes that regulators must adapt or run the risk of being lagging behind.
Fomo is here pic.twitter.com/wy3wfayoif
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He explained how traditional payment transactions are purchased and paid with something, and technology that facilitates the transaction and performs a receipt. “The same process applies to the crypto world,” he said before he added:
“There is nothing scary about this, just because it occurs in the decentralized finances or Defi world – this is simply new technology to transfer objects and register transactions.”
Waller added that there was nothing to be afraid of using smart contracts, tokenization or distributed led by everyday transactions.
The central banker repeated the recent comments from the SEC chairman who praised the recently signed genius Stablecoin account and called it an important step that Stablecoins could help reach their full potential.
“This was an important step for the market for payment staboin and Stablecoins could help reach their full potential.”
The speech also showed that the FED actively conducts technical research into Real-World assets-tokenization, smart contracts and AI to understand trends and to support private companies with the help of bank infrastructure.
“I believe that the Federal Reserve could benefit from further involvement with innovators in the industry, in particular because there is an increased convergence between the traditional financial sector and the ecosystem of digital assets.”
Christopher Waller’s comments reflect the partial pivot of the central bank to embrace crypto, after the withdrawal of April of 2022 those banks withheld from crypto activities.
Stablecoin ecosystem outlook
The Stablecoin market is currently valued at around $ 280 billion, which represents around 7% of the total crypto market capitalization.
Tether still recommends the lion’s share of that market with 60% and a record of $ 167 billion USDT in circulation.
Circle remains second with 24% market share and $ 67.5 billion USDC in circulation, and Ethens Usde has reversed the maker’s USDS for third place with a market share of 4%.
There have recently been many newcomers on the busy stable market, including Ripple (RLUSD) and World Liberty Finance (USD1), but these are Minnows compared to the market leaders.
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