Fed researchers say payment stablecoins could eventually enter M1 or M2, but their full face value cannot simply be added. If their reserves already sit in bank deposits or money funds counted in those measures, adding the tokens would count the same dollars twice. The note is staff research, not Fed policy. https://cryptoslate.com/fed-economists-stablecoin-research-exposes-how-the-same-dollar-could-count-twice-in-m1-or-m2/(CryptoSlate)