Federal Reserve Governor Wall: Stable coins can boost overall demand for the US dollar.

Federal Reserve Governor Waller said on Thursday that stablecoins will enhance competition in the payment system, which is a good thing. Waller said at an event at the Dallas Federal Reserve Bank that the rise of stablecoins will make many types of payments cheaper and faster. "As a free-market capitalist economist, my goal is to lower costs for families, consumers, and businesses through competition in the payment space," Waller said. He also stated that stablecoins may suppress demand for US paper currency, but will enhance overall demand for the US dollar.