Fed's Barr Calls for More Stablecoin Regulation Guardrails

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00:00Stablecoins have the potential to improve the efficiency of the payment system,

00:04particularly in cross-border applications.

00:07For stablecoins to reach their potential, additional work is needed

00:11to create guardrails that protect households and businesses,

00:15and the financial system as a whole.

00:17While the Genius Act made important progress in creating a framework for stablecoins,

00:22a great deal will depend on how federal and state regulators implement it.

00:26If the regulatory framework provides strong guardrails and consumer protections,

00:31both the innovation represented by stablecoins as payment instruments

00:35and the resulting competition in the payment space

00:38could help foster payments improvements that benefit households and businesses.