Federal Reserve Governor: Growing demand for stablecoins pegged to the dollar will force adjustments to monetary policy.

PANews reported on November 8th, citing Coindesk, that Federal Reserve Governor Stephen Miran stated in a speech in New York on Friday, "Stablecoins could become a multi-trillion-dollar thorny issue for central bank officials around the world." He said that Fed staff predict "stablecoin issuance will reach $1 trillion to $3 trillion." "Currently, the total outstanding national debt is less than $7 trillion." "If these predictions are accurate, the additional demand for stablecoins will be substantial. Therefore, I expect most of the demand for stablecoins to come from regions that lack access to dollar-denominated savings instruments, which will boost demand for dollar assets."

Stephen Miran has recently been confirmed as a new member of the council, focusing on the potential significant impact of stablecoins and their explosive growth (especially the growth of foreign users) on monetary policy.