Влияние стейблкоинов на экономику: член ФРС делится прогнозами Translation: The Impact of Stablecoins on the Economy: Fed Member Shares Forecasts

The increasing interest in dollar-pegged «stablecoins» may lead to a reduction in the key interest rate. This was stated by Federal Reserve Board member Stephen Miran during a speech at the BCVC summit in New York.

He noted that stablecoins are attracting more foreign investors to U.S. Treasury bonds and other dollar-denominated liquid assets. The official referred to these assets as a «multitrillion-dollar elephant in the room» for central banks.

At the time of writing, the market capitalization of the «stablecoin» sector stands at $311 billion. The Federal Reserve anticipates that this figure will rise to $3 trillion over the next five years, according to Miran.

The Fed representative expressed a positive opinion about the GENIUS Act, signed into law by President Donald Trump in July. The legislation imposes requirements on stablecoin issuers and establishes clear regulatory frameworks for their operations in the United States.

«While I am generally skeptical of new initiatives, [the GENIUS Act] gives me hope. It sets a standard for legitimacy and accountability comparable to those for traditional dollar assets,» Miran commented.

The official emphasized that stablecoins should be fully backed by liquid assets at a 1:1 ratio. He indicated that this requirement is crucial from a monetary policy standpoint.

Recall that in October, Multicoin Capital co-founder Tashar Jain warned that U.S. banks could lose $6.6 trillion due to the GENIUS Act. He stated that the bill would trigger a mass exodus of deposits from traditional institutions to more profitable stablecoins.

However, Coinbase’s policy director Faryar Shirzad characterized these concerns as exaggerated.