US Treasury Secretary Jennet Yellen said on Thursday that the crisis on stablecoins and stablecoins are not big enough to affect America’s financial stability.
During the speech at the Financial Services Committee, representatives from Jim Himes to Yellen When will stablecoins pose a risk to financial stability? gave his opinion on the matter. Himes stated that there is no such risk yet, since the crypto money market has a market value of $ 2 trillion.
Treasury Secretary Jennet Yellen with Representative Himes that you agree but there is also the risk cannot be ignored and stated that the potential continues:
“While I currently think stablecoins are not at a sufficient level to raise financial stability concerns, we see that Terra is experiencing negative scenarios and Tether is also under pressure. While they do not currently pose a direct risk to financial stability, they do have potential and are growing very quickly. They contain risks in other markets that we have worried about for years.” said.
Yellen, Himes to pose financial stability risk a net market value He did not respond to a request to give and refused to give such a figure. Also, Yellen said that the Financial Services Committee’s concern about stablecoins On Terra and USDT that it is not out of place due to the negative developments and drafting a comprehensive stablecoin regulation stressed the need.
According to Yellen, the central bank digital currency could ease concerns about stablecoins. In this context, it has been reported that investigations on the digital dollar continue.