In the US, the idea of a central bank digital currency is not appealing. The FED has a different strategy.

While in many countries states are considering the introduction of digital central bank currencies, the US seems to be taking a different path. This is a great choice for many crypto enthusiasts who want to avoid too much centralization of finance. Christopher Waller, Governor of the Fed, sees stablecoins as an asset for the dollar.

It would be counterproductive for the US to implement a digital central bank currency when the stablecoin that has been implemented in recent years is mainly backed by the dollar. Currently, the global market cap of stablecoin linked to dollars is around 250 billion. For euro-linked stablecoins, the market is not even €1 billion. There is still too much uncertainty in the legislation for projects based on the euro to develop smoothly.

The Fed governor also clarified that the regulation of «digital currencies» is currently the priority of both the Republican and the Democratic parties. In this sense, a group of bipartisan senators introduced the “GENIUS act”, a bill aimed precisely at strengthening the US dollar while guaranteeing innovation. The objective of the text is to ensure that all stablecoin linked to dollars have sufficient reserve to protect users. Very good news for the ecosystem that will allow private innovations while guaranteeing state protection. The exact details are still unknown.