Fed Governor Waller cites AI, stablecoins, tokenization as key to future payments

Federal Reserve Governor Christopher Waller, speaking at the Sibos conference, said AI, stablecoins and tokenization will be central to the future of payments, according to Crypto Briefing. Waller said there was no reason to fear new technologies or payment service providers, adding that distributed ledger technology, or DLT, and AI are tools that can address problems in global transactions. He also said DLT and tokenization have the potential to make payment systems faster and more transparent, while smart contracts that execute automatically when certain conditions are met could largely eliminate the manual reconciliation work that slows inter-institutional settlement.