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A US Fed Governor Argues That Stablecoins Scaling Fast is Not a Concern
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There is no reason to worry about fast-growing stablecoins if “sufficient competition” exists both within the industry and outside of it, a governor of the US Federal Reserve suggested in a speech this week.
“In my view, having stablecoins scale rapidly is not a concern as long as there is sufficient competition within the stablecoin industry and from the existing banking system,” Fed governor Christopher J. Waller said during an annual financial stability conference hosted on Wednesday by the Federal Reserve Bank of Cleveland and the Office of Financial Research.
And according to the Fed governor, competition in the sector is not a problem at the moment, and is not likely to turn into one in the near future either.
“I believe that we are a
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