Bitcoin price today: falls to 2-week low below $113k ahead of Fed Jackson Hole
Investing.com -- Federal Reserve Governor Christopher Waller highlighted the potential of stablecoins to maintain and extend the international role of the U.S. dollar during a speech at the Wyoming Blockchain Symposium 2025.
Speaking in Teton Village, Waller described the current state of payments as experiencing a "technology-driven revolution" powered by advances in computing, data processing, and distributed networks.
Waller emphasized that stablecoins, which initially facilitated crypto trading, have evolved to offer attractive features including 24/7 availability, fast transfers, and free circulation. These characteristics make them valuable for accessing U.S. dollars in countries with high inflation or limited banking services.
"I believe that 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," Waller stated.
The Fed governor noted that the GENIUS Act, passed last month, represents the first major crypto-asset legislation to become law in the United States. He called this "an important step for the payment stablecoin market" that could help stablecoins reach their full potential.
Waller also discussed artificial intelligence’s role in payments, noting the financial sector has used machine learning since the early 1990s for fraud detection, money laundering prevention, and predicting payment trends. Recent advances in large language models and generative AI have enhanced these capabilities.
Throughout his remarks, Waller advocated for a balanced approach to innovation, stating that while the private sector should lead payment innovation, the Federal Reserve plays a crucial role in maintaining safe and efficient payment infrastructure.
"There is nothing to be afraid of when thinking about using smart contracts, tokenization, or distributed ledgers in everyday transactions," Waller said, comparing these technologies to traditional payment processes.
The Fed governor revealed that the central bank is conducting technical research on tokenization, smart contracts, and AI in payments, and plans to increase engagement with industry innovators as traditional finance and digital assets continue to converge.
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