A senior official at the Federal Reserve said the global spread of stablecoins—virtual assets designed to be pegged to the value of legal tender such as the dollar or to specific assets—could strengthen the monetary policy influence of the U.S. Central Bank.
On the 31st (local time), Federal Reserve Governor Christopher Waller said in a conference speech in Dubrovnik, Croatia, that "countries adopting a stablecoin regime are similar to those adopting a (dollar) fixed exchange rate system."
He said, "Countries that adopt stablecoins will, in effect, import the United States' funding expense," adding, "The more a country uses stablecoins, the broader the reach of U.S. monetary policy becomes."
In a public speech on stablecoins in Feb. last year, Waller explained that about 99% of the current stablecoin market capitalization is in U.S. dollar assets. He emphasized that stablecoins therefore have the potential to maintain and expand the dollar's role as an international currency.
Waller's remarks came as the U.S. Congress prepared additional legislation for the Clarity Act. Earlier, the Senate Committee on Banking approved the Clarity Act bill in mid last month and sent it to the full Senate.
The Clarity Act, the "Digital Asset Market Clarity Act of 2025," clarifies which agency should regulate virtual assets, such as the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
In particular, the bill classifies the legal nature of virtual asset tokens as securities or commodities, and, reflecting industry requests, includes provisions allowing the payment of rewards (interest) on stablecoins. The virtual asset industry expects the Clarity Act to pass as early as next month.