Federal Reserve Governor Christopher Waller voiced support for crypto payments at the Wyoming symposium, emphasizing that new technologies in the financial sector should not breed fear.
Fed's Stance on Crypto Payments
At the 2025 Wyoming symposium, Waller stated that there is no reason to fear crypto payments, which operate outside the traditional banking system. 'There is nothing scary about this just because it occurs in the decentralized finance or DeFi world — this is simply new technology to transfer objects and record transactions,' he said.
Comparing DeFi to Everyday Purchases
Waller highlighted that DeFi transactions are akin to everyday payment processes using debit cards. He compared the use of stablecoins to buy a memecoin to using a debit card at a grocery store. 'I buy a meme coin and use a stablecoin as the means of payment. The transaction takes place using a smart contract. Finally, the transaction is recorded on a distributed ledger.'
Outlook and Development of Stablecoins
Waller commented on the recently signed Guiding and Establishing National Innovation for US Stablecoins Act, calling it 'an important step' for stablecoin adoption. He indicated that stablecoins could help maintain and expand the dollar's role internationally. It is projected that the stablecoin market will reach $2 trillion by 2028, illustrating the importance of a regulatory framework for this segment.
Christopher Waller's remarks confirm the Fed's shifting approach toward cryptocurrencies and their future role in the US payments system, emphasizing the need for collaboration with the private sector.
