U.S. Fed Governor Discusses the Impact of Stablecoins on the Economy

At the BCVC 2025 event held at the Harvard Club of New York, Miran described stablecoins as a “multi-trillion-dollar problem for central banks” and said he expects a massive outflow of funds from banks if large volumes of capital are quickly moved between banks and stablecoin issuers.

The Federal Reserve representative acknowledged that tokens pegged to the U.S. dollar and backed by liquid assets such as Treasury bonds are already becoming part of the financial market, as stablecoins make it easier and faster for people to transfer money globally.

The rapid adoption of stablecoins could alter demand for dollar-denominated assets, Miran suggested — potentially reducing borrowing costs in the U.S. and creating a risk of lowering the interest rate that is meant to balance the economy without overstimulating or slowing it down.

“Stablecoins are increasing demand for U.S. Treasury bills and other dollar assets among overseas buyers, particularly in emerging markets. This demand will continue to grow, putting pressure on the neutral interest rate and complicating monetary policy,” said the Fed governor.

According to the Federal Reserve’s forecast, by 2030, the issuance of stablecoins could reach $3 trillion, a scale comparable to the Fed’s bond purchases during the COVID-19 pandemic aimed at stimulating the economy.
Miran suggested that at such a scale, stablecoins would become too large an asset class for central banks to ignore.

In August, another member of the Fed Board of Governors, Christopher Waller, stated that the regulator is exploring the potential of tokenization, smart contracts, and artificial intelligence (AI) in the payments sector.
Earlier, the Fed lifted restrictions that had limited banks’ participation in transactions involving crypto assets.

See also: "MEXC Research Analyst Forecasts BTC and ETH Prices for November 2026"

#Fed #Stablecoins

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