Federal Reserve Governor Waller: Stablecoins can boost overall demand for the dollar

On July 11, according to Jinshi Data, Federal Reserve Governor Waller said on Thursday that stablecoins will enhance competition in the payment system, which is a good thing. Waller said at an event at the Federal Reserve Bank of Dallas that the rise of stablecoins will make many types of payments cheaper and faster. "As a free-market capitalist economist, my goal is to reduce costs for households, consumers, and businesses through competition in the payments space," Waller said. He also said that stablecoins may curb demand for U.S. paper currency but will enhance overall demand for the dollar. [Deep Tide TechFlow]