Federal Reserve Governor Says He's A 'Big Advocate Of Stablecoins,' But Wants The Government To Steer Clear Of Own Crypto

• Federal Reserve Governor Christopher Waller says he's "a big advocate of stablecoins"
• Voicing his support for stablecoin acts like the GENIUS act and the STABLE act, he says he sees no need for the government to develop a coin of its own
• "I prefer to let the private sector handle these problems," he told audiences at a NY Fed event

Federal Reserve Governor Christopher Waller said that he's a fan of stablecoins and believes they have a place in the payment system, but does not see the need for the government to adopt one of their own. 

"I’ll say I’m a personal, big advocate of stablecoins. I have been saying this for over three-plus years now, about how this could bring competition, efficiency and speed into the payments system,” he told audience members at a conference held by the Federal Reserve Bank of New York on Friday, according to Reuters. 

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A stablecoin is a type of cryptocurrency that is designed to have a stable price. Their value is attached to that of another asset, like gold or a government-issued currency, in order to maintain a more consistent value. Originally designed to help bridge the gap between traditional finance and cryptocurrencies, there are currently around 200 globally distributed stablecoins on the market.  

Recently, two stablecoin-oriented bills have been working their way through Congress. The Guiding and Establishing National Innovation for U.S. Stablecoins of 2025, or the GENIUS Act of 2025, and the Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025, or the STABLE Act of 2025, both seek to provide a comprehensive regulatory framework for stablecoins. The difference between the bills lies in their scope and approach, but the passing of either one would increase the chances of Congress passing a law certifying stablecoins as a global financial tool. 

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Thus far, stablecoin legislation has received bipartisan support. But Waller said Friday that he saw no need for the government to create its own stablecoin should either of the bills pass. "I prefer to let the private sector solve these problems,” Reuters quoted him as saying. “It’s not my job as an unelected bureaucrat to tell everybody how they should do things."

As for the concerns that tons of new stablecoins will flood the market should the legislation pass, Waller said watchers shouldn't worry. "I don't think… there's going to be 100 stablecoins circulating after the legislation happens." Though two companies, Tether and Codex, have already indicated that they will make moves to establish their own stablecoins in the US as soon as there are regulations firmly in place, according to the Financial Times and Fortune. 

Waller's stance on crypto aligns with President Donald Trump's, who promised last month to make the US "the crypto capital of the world." 

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