Federal Reserve Governor Christopher Waller offers a new twist on crypto: it could make the US dollar stronger. He countered the common fear at a Bahamas event that crypto might knock the dollar off its global reserve currency spot.
Stablecoins, which peg their value to the dollar, make up 99% of the DeFi market value and are key trading tokens. Waller contends that more DeFi trading may just boost the dollar's role.
Appointed by former President Donald Trump, Waller admits the potential risks of a shift toward digital currencies. Yet, he asserts that recent events seen as threats have only reinforced the dollar's standing.
The stablecoin market, led by big names like Tether and Circle, offers stability amid crypto volatility and is predicted to see its value explode. While the dollar's strength is crucial for the US economy and global influence, crypto fans often criticize this government-led monetary control.
Waller's take suggests that stablecoins, far from being a destabilizing force, could cement the dollar's status in an evolving financial world.
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