Fed Governor Christopher Waller signaled strong support for digital assets, calling stablecoins a vital tool for sustaining the dollar’s international dominance.
Payments Enter a Technology-Driven Revolution
Speaking at the Wyoming Blockchain Symposium on August 20, 2025, Federal Reserve Governor Christopher Waller described the rapid transformation of payments as a “technology-driven revolution.” He drew parallels to earlier innovations such as credit cards and mobile payments, noting how private enterprise consistently led advancements while the Fed provided the infrastructure that made adoption possible.
Waller argued that stablecoins now represent the next chapter in this continuum, reshaping the way individuals and businesses transact globally.
Stablecoins as Digital Dollars
Once designed to shield traders from volatility, stablecoins have grown into widely used financial tools. With 24/7 availability, near-instant settlement, and unrestricted circulation, they have become especially useful in regions with inflationary economies or limited access to banking services.
Waller said,
“Stablecoins have the potential to maintain and extend the role of the dollar internationally. Stablecoins also have the potential to improve retail and cross-border payments.”
He further added that they could significantly enhance both retail and cross-border payments. He likened them to “digital dollars,” complementing Bitcoin’s role as “digital gold.”
Regulatory Momentum with the GENIUS Act
Waller pointed to the recently passed GENIUS Act as a milestone for U.S. digital asset regulation. The legislation, he said, represents the first comprehensive law covering crypto assets and provides a foundation for stablecoins to scale responsibly. He called the measure “an important step for the payment stablecoin market” that could help unlock broader adoption.
Public Infrastructure Meets Private Innovation
While highlighting the promise of digital assets, Waller stressed that innovation should primarily come from the private sector. He argued that businesses are best equipped to experiment with new technologies, while the Federal Reserve’s role is to ensure the system remains safe and efficient.
He outlined two complementary models: private initiatives such as card networks and stablecoins, and public infrastructure like Fedwire and the FedNow instant payments system. Both, he noted, will be essential in shaping the next phase of global finance.
Collaboration as the Way Forward
Waller closed his remarks by calling for stronger collaboration between regulators and industry innovators. As digital assets increasingly converge with traditional finance, he urged the Fed to engage more deeply with emerging technologies.
He claimed that dialogue will be critical to ensuring the payments ecosystem remains both competitive and resilient, while stating,
“It is my belief that the Federal Reserve could benefit from further engagement with innovators in industry.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
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