Federal Reserve Meeting Minutes: Stablecoins Could Increase Demand for U.S. Treasuries

BlockBeats News, August 21st. The Federal Reserve released the minutes of its July meeting, in which it was mentioned that many participants discussed the recent and future developments related to payment-based stablecoins and their potential impact on the financial system. These participants noted that with the recent passage of the "GENIUS Act" (the "U.S. Stablecoin Guidance and National Innovation Act"), the use of payment-based stablecoins may increase.

They stated that payment-based stablecoins help improve the efficiency of the payment system, and also observed that such stablecoins may increase the demand for the underlying assets supporting them (including U.S. Treasury bonds).

Furthermore, the participating members expressing their views also expressed concerns that stablecoins may have a broader impact on banks, the financial system, and monetary policy implementation, and therefore deserve close attention, including monitoring the various assets used to support stablecoins. (Jinse)