Federal Reserve's Waller Highlights Dollar Strength in Crypto Era

In a recent speech, Federal Reserve Governor Christopher Waller emphasized the U.S. dollar's enduring dominance and the potential of DeFi to bolster its global position.

• Waller argued that stablecoins tied to the dollar could strengthen the U.S. currency's global role, as 99% of stablecoins are dollar-linked.
• He expressed skepticism about the immediate need for a U.S. Central Bank Digital Currency (CBDC), suggesting the current financial system meets national needs.
• Waller cautioned against banks holding large amounts of cryptocurrency ETFs, highlighting potential risks.
• Despite the rise of digital currencies, Waller remains confident in the dollar's status as the world's reserve currency.
• The integration of digital currencies into mainstream finance, including the approval of Bitcoin ETFs, was discussed, but Waller emphasized the dollar's foundational role in global finance.

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