U.S. Fed's Miran Says Policy Needs to Adjust to Stablecoin Boom That Could Reach $3T

Federal Reserve Governor Stephan Miran warned that the explosive growth of stablecoins, potentially reaching between $1 trillion and $3 trillion by the end of the decade, will create a significant challenge for central bankers that cannot be ignored. He projected that this demand will primarily come from foreign users seeking dollar-denominated savings instruments, thereby boosting demand for U.S. dollar assets like Treasuries. Miran suggested that if this influx strengthens the dollar significantly, the Federal Reserve's monetary policy may need to react to maintain its mandates of price stability and maximum employment. He also expressed skepticism that stablecoins would significantly drain U.S. bank deposits, noting that the new GENIUS Act does not directly permit yield generation on these tokens.

(Source：CoinDesk)