U.S. Fed's Miran Says Policy Needs to Adjust to Stablecoin Boom That Could Reach $3T

Why It Matters

Trillions flowing into stablecoins could alter the Fed’s balance sheet, influence interest‑rate setting and affect the dollar’s strength, making stablecoin regulation a direct monetary‑policy concern.

Summary

Federal Reserve Governor Stephen Miran warned that the rapid growth of dollar‑linked stablecoins could reshape U.S. monetary policy. Fed staff project stablecoin uptake of $1‑$3 trillion by 2030, adding demand for Treasury securities that currently total under $7 trillion. Miran said the new GENIUS Act will regulate issuers but is unlikely to drain bank deposits, instead pulling foreign capital into dollar assets and potentially strengthening the dollar. He urged the Fed to factor these flows into policy decisions.