Federal Reserve (FED) · U.S. Treasury · CryptoSlate
Stablecoins are quickly becoming the Kevin Warsh’s Fed’s next policy problem
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
Stablecoins have moved from a crypto-policy-side market to Kevin Warsh's Federal Reserve's dollar-policy agenda.
Key facts
- CryptoSlate market data showed Tether and USDC among the five largest crypto assets by market capitalization, with USDT at nearly $186 billion and USDC at nearly $73.8 billion on June 25
- Tether's 24-hour volume alone was around $81 billion, nearly double Bitcoin ‘s roughly $43 billion in the same market view
- Circle's own materials put USDC in circulation at $74.3 billion as of June 22 and describe the token as backed by highly liquid cash and cash-equivalent assets
- A 2026 New York Fed staff research report argued that stablecoin activity can transmit liquidity stress to banks and complicate monetary-policy implementation
Summary
01 Fed Governor Christopher Waller put stablecoins inside the central bank's dollar research agenda at its June 22 conference. 02 That matters because dollar tokens can affect bank funding, Treasury-bill demand, and how global users access dollar liquidity. 03 The open question is whether growth comes from offshore demand or bank deposit substitution, and how reserves and redemptions hold up. Fed Governor Christopher Waller used the central bank's June 22 dollar conference to frame digital assets, including stablecoins, as part of the research agenda around the dollar's international role.