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Federal Reserve Governor Christopher Waller has voiced strong support for the regulated adoption of stablecoins, emphasizing their potential to reinforce the US dollar’s global dominance. Speaking at the Atlantic Council on February 6, Waller, who oversees the Fed Board’s payments subcommittee, highlighted how well-regulated stablecoins could expand the dollar’s influence in global trade, finance, and investment.
His comments come as the BRICS coalition pushes for alternatives to the dollar in international trade. Waller believes stablecoins can enhance payment systems while regulatory oversight ensures proper backing and authorization. According to an October report by Andreessen Horowitz, stablecoins are overwhelmingly tied to the US dollar, comprising over 99% of the total market. Tether (USDT) dominates, accounting for nearly 80% of stablecoin transaction volume.
Despite this, a Chainalysis report from October revealed that US-regulated exchanges now handle less than 40% of stablecoin transactions, while offshore exchanges have risen to 60%. As the US faces increased competition for its currency’s international standing, Waller argues that stablecoins make it harder for rival nations to undermine the dollar’s reserve status due to the decentralized nature of digital assets.
On February 4, US Senator Bill Hagerty introduced the GENIUS stablecoin bill, proposing regulatory oversight based on market capitalization. Issuers with over $10 billion in circulation would fall under Federal Reserve supervision, while smaller issuers would be regulated at the state level. This aligns with the pro-crypto stance of President Donald Trump’s advisor, David Sacks, who has pledged to prioritize stablecoin innovation.
With the stablecoin market exceeding a $200 billion market cap in January and transaction volumes reaching $27.6 trillion, surpassing Visa and Mastercard combined, regulatory clarity could accelerate adoption while maintaining financial stability.
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