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Fed Governor Waller praises stablecoins as a genuine innovation that makes the development of CBDCs redundant
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In a speech published Wednesday noon, Federal Reserve Governor Christopher J. Waller reiterated his skepticism for implementing a central bank digital currency, or CBDC, in the United States. However, Waller is not an ordinary cryptocurrency skeptic, as he cites the development of genuine private-sector payment innovations, specifically stablecoins, as the reason why CBDCs are not needed.
Top Stablecoins by Market Capitalization | Source: Treasury Report on Stablecoins (Nov. 2021)
Despite the positive outlook, Waller highlighted three risks surrounding stablecoins. The first of which he noted as a potential destabilizing run, where unregulated or unscrupulous issuers provide financial instruments that go bad, creating a panicked flight to
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