There are significant differences in the Federal Reserve’s Board members’ and the Bank of England’s policymakers’ views on the outlook for stablecoins

On Sunday, at the 32nd Dubrovnik Economic Conference, Federal Reserve Board member Christopher Waller and Bank of England policymaker Megan Greene engaged in a heated debate on stablecoins.

At this economics conference, during a panel discussion titled "Stablecoins and Monetary Policy," they delivered completely opposite judgments about the future development prospects of stablecoins.

Waller believes that stablecoins themselves carry no risk; they are simply a payment tool that can bring competition to the payments sector. He noted that the global adoption of dollar stablecoins will expand the international influence of U.S. monetary policy, leading more countries to indirectly accept the dollar.

However, Greene holds a completely opposite view. She expects the popularity of stablecoins to fade rapidly within a few years, and even after five years, people may wonder, "Why did we discuss stablecoins in the first place?"

She is more optimistic about tokenized deposits, likening them to a "rhinoceros" in a tortoise-and-hare race, and believes they are most likely to win. By contrast, stablecoins are just a fleeting "rabbit," while central bank digital currencies are slow-moving "turtles."

Notably, the disagreement between the two central bank leaders is not an isolated theoretical debate—it is intertwined with real legislative predicaments inside the United States.

Specifically, because there is controversy within the U.S. over stablecoin yield policies, progress on the important cryptocurrency bill, the CLARITY Act, has been stalled.

The bill is intended to establish a federal regulatory framework for digital assets. Although it passed the Senate Banking Committee in May, whether it will ultimately become law by 2026 remains unclear due to opposition from banking industry lobbying groups and the proximity of midterm elections.

In the face of this legislative impasse, Wyoming Senator Cynthia Lummis issued a warning that if U.S. lawmakers do not establish global standards for digital asset regulation, they will be overtaken by other countries, including China.

On social media, she emphasized that the U.S. has built a dollar-led global financial system, and now it must pass the CLARITY Act as quickly as possible to build the next system before Beijing takes action.

#稳定币 # Viewpoint disagreement