US Federal Reserve Governor Christopher Waller told his peers and private banking sectors that there is “no one to be afraid” about crypto payments despite its operations outside the traditional banking system.
“There is nothing scary about it because it happens in decentralized finances or Defi world – it’s simple new technology to move things and record transactions,” Says During a speech at the Wyoming Blockchain Symposium 2025 on Wednesday.
The seizure of modern tech to generate new payment services is not a “new story,” Waller said as he built policies and the private banking sector to cooperate with the crypto payment infrastructure. “There is nothing to be afraid of when thinking about using smart contracts, tokenization, or distributed ledgers to sun -sun transactions.”
Waller’s comments reflect Fed’s firm pivot towards embracing crypto and its future role in the US payment system. In April, it withdrew a guide from 2022 Served to suppress banks from interacting with crypto and stablecoin activities.
Last week, the Fed ended the risk dedicated to the “Administration of Novel Administration Program” Facilitates the activities associated with crypto, While Fed Vice Chair for administering Michelle Bowman on Tuesday was suggested staff must allow To handle small amounts of crypto to better understand the technology.
Waller’s pro-Crypto views may have more weight, as he is considered a front-runner to replace Jerome Powell as a fed chair. Powell’s term ends in May 2026 and can only be expanded if he is changed by President Donald Trump and confirmed by the Senate. However, Trump is reportedly forcing Powell to resign.
Purchase memecoins with crypto like buying apples with Fiat: Waller
Waller said the DEFI transactions follow the same logic such as purchases of the day -to -day debit card, comparing the use of stablecoins to buy a memecoin to tap a debit card at a grocery store to pay for an apple.
“I can go to the grocery store and buy an apple and use a digital dollar on my checking account to pay for it. I will tap my debit card with a card reader to conduct a transaction. Finally, the machine has printed a receipt, which is the transaction record. The same process applies to the crypto world.”
“I bought a coin meme and used a stablecoin as a payment method. The transaction occurred using a smart contract. Finally, the transaction was recorded in a shared ledger.”
Genius Bill An “Essential Step” for Adoption of Stablecoin
The recent signing of the guide and establishment of national change for the US Stablecoins Act marked a “important step” for the adoption of Stablecoin, Waller said it added that it would help stablecoins “reach their full potential.”
Related: US Treasury calls for public comment on Genius Stablecoin Bill
He noted that stablecoins can help maintain and expand the role of dollars worldwide – especially in countries with high inflation or the companions Limited access to physical dollars -When improving retaliation of retail and cross-border.
Stablecoin market tipped to increase 615% by 2028
The Stablecoin market is currently sitting at $ 280 billion – a market approximately estimated in April is Reach $ 2 trillion by 2028.
The department supported its projection by stating that a Stablecoin regulation framework could quickly accelerate demand for US bills.
Tether (USDT) and USDC of the Circle (USDC) currently dominating the Stablecoin industry, boasting market caps of $ 167 billion and $ 67.5 billion, respectively, coingecko Data Shut up.
Magazine: Bitcoin’s Long-Term Security Budget Budget: The upcoming crisis or FUD?
