US Federal Reserve Governor Christopher Waller told his colleagues and the private banking sector that, despite operating outside the traditional banking system, “There’s nothing to fear” about crypto payments.
“There’s nothing scary about this just because it happens in a world of decentralized finance and debt. It’s a new technology for transferring objects and recording transactions,” he said in a speech at the Wyoming Blockchain Symposium 2025 on Wednesday.
It’s not a “new story” that leverages innovative technology to build new payment services, Waller said he pitched policymakers and the private banking sector and worked together to collaborate with crypto payment infrastructure. “When you think about using smart contracts, tokenization, or distributed ledgers in your daily trading, there’s nothing to fear.”
Waller’s comments reflect the Fed’s steady pivot on acceptance of Crypto and its future role in the US payment system. In April, we retracted guidance that helped prevent banks from 2022 from engaging in encryption and stupid activities.
Last week, the Fed ended its risk-centric “Novel Activities Director Program” overseeing crypto-related activities, but on Tuesday the vice-chairman who oversees Michelle Bowman suggested that they should be allowed to hold small quantities of cryptography to better understand the technology.
Waller’s parent crypto view is considered the forefront of replacing Jerome Powell with a Fed chair, so it could quickly gain more weight. Powell’s term ended in May 2026 and could only be extended in emerging cases to President Donald Trump, confirmed by the Senate. But Trump reportedly pressures Powell to step down.
Buy memokine with a code that looks like buying an apple with Fiat: Waller
Waller said the Defi transaction followed the same logic as everyday debit card purchases, comparing using Stablecoins to buy Memecoin and tapping a debit card at a grocery store to pay an apple.
“You go to the grocery store and buy Apple and pay it using digital dollars in your checking account. Tap the debit card on your card reader to carry out the transaction. Finally, the machine prints a receipt, which is a record of the transaction.
“We buy meme coins and use stablecoin as our payment method. Transactions are done using smart contracts. Finally, the transactions are recorded in a distributed ledger.”
The Genius Bill is a “critical step” for adopting Stablecoin
Waller said the recent signature of US national innovation marking “critical steps” for adopting Stablecoins and “critical steps” for adopting Stablecoins, adding that Stablecoins can “take the fullest potential.”
Related: US Treasury Department seeks public comment on the genius stablecoin building
He said stubcoins will help maintain and expand the role of the dollar internationally, especially in countries with high inflation or limited access to the physical dollar.
Stablecoin Market tilted to increase by 615% by 2028
The Stablecoin market is currently at $280 billion. This is a market that the US Treasury estimates in April to reach $2 trillion by 2028.
The department supported its forecast by stating that Stablecoin’s regulatory framework could accelerate US Treasury claims quickly.
Tether (USDT) and Circle’s USDC (USDC) currently dominate the Stablecoin industry, boasting market capitalizations of $167 billion and $67.5 billion, respectively, Coingecko data shows.
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