Share this article
Fed Vice Chair: 'We Should Be Saying Yes' to Stablecoins
Randal Quarles expressed more support for stablecoins than some of his colleagues.
Updated Sep 14, 2021, 1:17 p.m. Published Jun 28, 2021, 5:50 p.m.
Federal Reserve Vice Chair Randal Quarles said at a bankers conference in Utah on Monday the U.S. should find ways to say “yes” to stablecoins.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The speech was in sharp contrast to recent comments from other Fed officials, such as Federal Reserve Governor Lael Brainard, who have warned stablecoins could pose a risk to consumers and businesses. Speaking at the 21 Utah Bankers Association Annual Convention, Quarles added that the U.S. central bank has a “strong regulatory interest” in stablecoins but also said there is no need to fear them.
“When our concerns have been addressed, we should be saying yes to these products, rather than straining to find ways to say no,” Quarles said. “Indeed, the combination of imminent improvements in the existing payments system such as various instant payments initiatives combined with the cross-border efficiency of properly structured stablecoins could well make superfluous any effort to develop" a central bank digital currency.
Among the concerns Quarles highlighted was the possibility stablecoins that were fractional rather than fully reserved could create a “run risk” for consumers. Last week, Eric Rosengren, president of the Federal Reserve Bank of Boston, listed tether among the “financial stability challenges” the Fed is watching.
Quarles also downplayed bitcoin and foreign CBDCs as potential threats to the U.S. dollar.
Higit pang Para sa Iyo
Ano ang dapat malaman:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Higit pang Para sa Iyo
Ether, Dogecoin, Solana Slide as Bitcoin Fails to Sustain Early-Week Breakout
The pullback followed Tuesday's brief spike above $94,500, a move that triggered a minor short squeeze but failed to break the resistance that has capped bitcoin for most of the past three weeks.
Ano ang dapat malaman:
- Bitcoin fell toward $90,000 as crypto markets lost ground despite a Federal Reserve rate cut.
- Over $514 million in leveraged positions were liquidated, with major tokens like Ether and Solana also declining.
- Analysts suggest Bitcoin must surpass $94,000 to signal a significant rebound, amid concerns over macroeconomic conditions and market liquidity.
Top Stories
