Fed’s Schmid says FedNow, not stablecoins, is the future of U.S. payments

Kansas City Fed President Jeffrey Schmid said the future of the U.S. payment system hinges on FedNow, the Federal Reserve’s real-time gross settlement system, and real-time bank transfer networks rather than stablecoins, according to Crypto Briefing. Schmid said U.S. instant-payment systems led by the FedNow service are likely to outperform emerging digital-asset payment technologies such as stablecoins and blockchain platforms. He added FedNow is not a replacement for the existing banking system but a stable and scalable evolution of it.