Fed Speech · Waller

What the statement says

Waller's speech focuses on how digital assets—especially stablecoins—affect the international role of the U.S. dollar, with no mention of interest rates, inflation, or monetary policy stance

• The speech is a welcoming address for the Fifth Conference on the International Roles of the Dollar, centered on how financial innovations—especially stablecoins—affect the dollar’s global use
• Stablecoins, enabled by distributed ledger technologies and tokenized assets, are creating new channels for global dollar intermediation that operate alongside or in conjunction with traditional banking and payment systems
• Research presented shows rapid growth in stablecoin-based transactions and explores spillovers into foreign exchange markets, dollar funding conditions, covered interest parity deviations, and cross-border capital flows
• The international role of the dollar is evolving due to technological change, though traditional foundations—including the size, strength, and depth of the U.S. economy and financial markets, and trust in U.S. institutions and rule of law—remain critically important
• Governor Waller explicitly states that the views expressed are his own and not necessarily those of the Federal Reserve Board or the FOMC

AI-generated summary of the official text. The official statement is authoritative. Not investment advice.