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Miran, Fed board member "Stablecoins, a huge growth area… material impact on monetary policy"
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- Steven Miran, a Fed board member, pointed to stablecoins as a 'huge growth area.'
- Miran said this sector is already creating economic ripple effects, which have important implications for the Fed and monetary policy.
- He said that innovation in the virtual asset market is affecting the real economy.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Steven Miran, a U.S. Federal Reserve (Fed) board member, pointed to stablecoins as a 'huge growth area' and made his first remarks on virtual assets (cryptocurrencies).
On the 8th (local time), according to The Block, Miran said at a BCVC Summit panel discussion held in New York, "Stablecoins are an area expected to see tremendous growth. Based on the research and projections seen so far, they clearly have a force that cannot be ignored," adding, "This sector is already creating economic ripple effects, and that has important implications for the Fed and monetary policy."
He was cautious about the overall future direction of the virtual asset market, but added, "Innovation continues in either direction, and that innovation is affecting the real economy."
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