US Federal Reserve governor Christopher Waller said Sunday that stablecoins could expand the reach of US policy. Bank of England official Megan Greene offered a contrasting view, predicting their popularity would soon fade.
Christopher Waller, a governor at the US Federal Reserve, addressed a conference on Sunday. He stated that stablecoins can expand the reach of US policy.
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European Central Bank President Christine Lagarde cautioned against promoting privately issued euro-pegged stablecoins during a speech on Friday. She urged Europe to focus on central bank-backed infrastructure instead.
EU finance ministers and the ECB discussed ways to bolster euro-denominated stablecoins during a meeting in Nicosia last week. Officials expressed concerns that dollar-backed tokens could weaken European banks and monetary policy control. The ECB rejected proposals for relaxed liquidity rules or central bank backstops.
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Global banks are integrating stablecoins like USDC into their systems to handle expanding digital asset volumes. Standard Chartered and BNY have announced new services for institutional clients this week.
Brazil's central bank has banned electronic foreign exchange providers from using stablecoins and cryptocurrencies like Bitcoin for settling overseas remittances. The new rule, BCB Resolution No. 561, takes effect on October 1. Individual investors can still buy, hold, and trade crypto through authorized providers.
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Visa introduced the Visa Stablecoin Platform on Thursday, enabling banks and fintech companies to issue, manage and settle stablecoins through its payments network. The service launched with support for Open USD from Open Standard. Circle shares fell about 5 percent following the announcement.