Federal Reserve Board Member Praises Growth in Dollar-Backed Stablecoin Market, Cites Significant Depreciation in Synthetic USDX

On the 8th, at the BCVC Summit held in New York, Federal Reserve Board Member Milan referred to dollar-backed stablecoins as a 'massive growth area,' as reported by The Block and others. This marked the first time a Federal Reserve Board member has publicly addressed cryptocurrencies, stating, 'From what we can see, they are undeniably significant.' During his speech at the summit, Milan pointed out that the widespread use of stablecoins could exert downward pressure on interest rates. He noted that even conservative estimates of stablecoin growth suggest an increase in the net supply of lendable funds in the economy, potentially lowering the natural rate of interest...