Fed Official: Stablecoins Could Be a Shortcut

Antoine Martin, a research officer at the New York branch of the US Federal Reserve, at a conference in London. stablecoins talked about. Authoritative, stablecoins “for central banks to create their own digital currencies” thinks it offers a shortcut opportunity.

“Central banks can stand behind an already existing stablecoin project instead of creating a digital currency from scratch.”

Martin stated that this scenario will have positive results, as the central bank officially guarantees collateral for a stablecoin project. The official gave an example of a similar approach taken by policy makers from China. Alipay and Tenpay, the payment systems operating in the country, operate under the guarantee of the Central Bank of China.

According to the NYC Fed official, states have their own CBDC His work for currencies requires great effort. In addition to software development for digital currency, it is very difficult to readjust laws and regulations in countries.

Contradictory Statements of the FED Official!

After Antoine Martin’s speech, it turned out that his opinion on the stablecoin was very different from before. Martin wrote a research paper on the NYC Fed website in February explaining that he does not see a future in stablecoins. In another post he wrote in April 2021, Martin touched on the collateral risk of stablecoins.

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