Christopher Waller, a member of the U.S. Federal Reserve Board, told peers and the private banking sector that while cryptocurrency payments operate outside the traditional banking system, "there's nothing to be afraid of."
"Waller stated, 'There's nothing to be afraid of, just because it happens in the decentralized finance or DeFi world — it's just a new technology for transferring objects and recording transactions,' during his speech at the Wyoming Blockchain Symposium 2025 on Wednesday.
Waller noted that building new payment services using innovative technology is not a "new story," and he urged policymakers and the private banking sector to collaborate on cryptocurrency payment infrastructure. "There's nothing to fear when considering the use of smart contracts, tokenization, or distributed ledgers in everyday transactions."
Waller's comments reflect the Federal Reserve's steady shift towards embracing cryptocurrency and its future role in the U.S. payment system. In April of this year, the Federal Reserve withdrew guidance from 2022 that had previously prevented banks from engaging in cryptocurrency and stablecoin activities.
Last week, the Federal Reserve ended its risk-focused "novel activities supervisory program" for overseeing crypto-related activities, while Michelle Bowman, the Vice Chair responsible for supervision at the Federal Reserve, suggested on Tuesday that staff should be allowed to hold small amounts of cryptocurrency to better understand the technology.
Waller's supportive stance on cryptocurrency may soon carry more weight, as he is considered a leading candidate to replace Jerome Powell as chair of the Federal Reserve. Powell's term is set to end in May 2026, and it can only be extended if President Donald Trump re-nominates him and he is confirmed by the Senate. However, reports indicate that Trump has been pressuring Powell to resign.
Waller stated that DeFi transactions follow the same logic as everyday debit card purchases, comparing the use of stablecoins to buy meme coins to swiping a debit card to pay for apples at the grocery store.
"I can go to the grocery store to buy apples and pay with digital dollars from my checking account. I swipe my debit card at the reader to complete the transaction. In the end, the machine prints a receipt, which is the transaction record. The same process applies in the crypto world."
"I purchase meme coins and use stablecoins as a means of payment. The transaction is executed using smart contracts. In the end, the transaction record is on a distributed ledger."
Waller noted that the recently signed "U.S. Stablecoin National Innovation and Establishment Act" marks an "important step" in the adoption of stablecoins, adding that this could help stablecoins "realize their full potential."
He pointed out that stablecoins can help maintain and expand the role of the dollar internationally — especially in high-inflation countries or those with limited access to physical dollars — while improving retail and cross-border payments.
The stablecoin market currently stands at $280 billion — the U.S. Treasury estimated in April that this market could reach $2 trillion by 2028.
The department supports its forecast by stating that a stablecoin regulatory framework could quickly accelerate demand for U.S. Treasury securities.
According to CoinGecko, Tether (USDT) and Circle's USDC currently dominate the stablecoin industry, with market capitalizations of $167 billion and $67.5 billion, respectively.
Related: Goodbye to the hype era! Crypto finance "shifts from virtual to real": U.S. Treasury on-chain, new "game rules" for RWA have begun?
Original article: “Fed Governor Waller: Cryptocurrency Payments ‘There’s Nothing to Be Afraid Of’”
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