Fed's Waller: Stablecoins bring benefits to the payment system

By Michael S. Derby

April 4 (Reuters) - Federal Reserve Governor Christopher Waller said on Friday that stablecoins are a good thing for the nation’s payment system, but he doubts the financial system can support a large number of these assets.

“I'll say I'm a personal, big advocate of stable coins,” Waller said at an event held at the Federal Reserve Bank of New York. “I have been saying this for over three-plus years now, about how this could bring competition, efficiency and speed into the payment system.”

But he added, “Do I think there's going be 100 stable coins circulating after legislation happens? I don't think so.”