Federal Reserve Bank Governor Christopher Waller supports the adoption of stablecoins with clearly defined regulations, as it would solidify the US dollar's role as a reserve currency, Bloomberg has reported.
Waller, who also chairs the Federal Reserve Board's payments subcommittee, has stated stablecoins have the potential to increase the dollar's reach and adoption around the world, making it an even stronger reserve currency.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
In his view, proper regulation of stablecoins would only enhance the use of the dollar in international trade, finance and investment.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
In Waller's opinion, stablecoins would improve the payment system, and their regulation would guarantee the availability of funds and the legitimacy of transactions.