Stablecoins Might Undermine the Security of the Banking System

Martin Gruenberg – Chairman of the Federal Deposit Insurance coverage Company (FDIC) – has expressed fear over how stablecoins may have an effect on U.S. banking. 

  • Throughout a speech on the Brookings Establishment on Thursday, the chairman said a cost stablecoin may “fundamentally alter the landscape of banking.”
  • “Economies of scale associated with payment stablecoins could lead to further consolidation in the banking system or disintermediation of traditional banks.” 
  • Federal Reserve Vice chair Lael Brainard has beforehand famous comparable dangers, recommending a CBDC to assist unify the banking system.
  • Such stablecoins may additionally encourage some people and companies to finish relations with their current banks, based on Gruenberg.
  • The chairman really useful making stablecoins safer by ensuring their issuers had been subsidiaries of federally regulated banks. 
  • With regulation, they could present vital advantages, “especially to the extent [they] foster an inclusive, real-time payments system,” he stated. 


See Also
Here is Ethereum co-founder's tackle algorithmic stablecoins

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