Stephen Miran, a member of the U.S. Federal Reserve Board, pointed out that the growing demand for dollar-pegged crypto stablecoins may help lower interest rates.
Appointed by Trump, Stephen Miran stated at the BCVC summit in New York on Friday that these dollar-pegged crypto tokens might be exerting downward pressure on the neutral interest rate (r-star, which neither stimulates nor suppresses the economy).
He mentioned that if the neutral interest rate declines, the Federal Reserve would also lower its benchmark rate accordingly.
According to CoinGecko data, the total market capitalization of all stablecoins is currently $310.7 billion, and Miran noted that Federal Reserve research indicates this market is expected to grow to as much as $3 trillion in the next five years.
Stephen Miran stated, "My view is that stablecoins have increased the demand for U.S. Treasuries and other dollar-denominated liquid assets among overseas buyers, and this demand will continue to grow."
"Stablecoins may become a multi-trillion-dollar issue that central bank officials will have to face."
Some institutions, including the International Monetary Fund, have warned that stablecoins threaten traditional financial assets and services, as they may compete for customer resources. U.S. banking groups have also urged Congress to strengthen regulations on yield-bearing stablecoins, believing these products could attract users who would otherwise belong to the banking system.
During his speech, Stephen Miran called for clear guidelines and consumer protection measures, noting that the regulatory framework will play a key role in the development of stablecoins.
He said, "While I am cautious about new regulations, the GENIUS Act excites me. This regulatory framework for stablecoins establishes legitimacy and accountability consistent with holding traditional dollar assets." He added:
Related: Newly established crypto organization aims to set unified standards for blockchain transactions
Original: “Federal Reserve's Stephen Miran: Growing Demand for Stablecoins Helps Push Down Interest Rates”
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