Fed’s Miran Outlines Potential Impact of Stablecoins on Banking System and Monetary Policy

On November 7, Fed Governor Stephen Miran discussed the growing influence of stablecoins on the U.S. financial system and monetary policy. Miran argued that stablecoins, largely pegged to the U.S. dollar, were already increasing demand for U.S. Treasury bills and other dollar-denominated liquid assets — a trend Miran projected to continue as adoption rises globally….
By: Orrick, Herrington & Sutcliffe LLP