Fed Governor Miran says monetary policy will adapt to stablecoin growth

Stephen Miran, a U.S. Federal Reserve Governor and a close associate of President Donald Trump, said in a speech on Nov. 7 that the Fed's monetary policy will change in response to surging demand for stablecoins. According to Coindesk, Miran explained that stablecoins could become a trillion-dollar "elephant in the room" for central bankers, with usage potentially reaching $1 trillion to $3 trillion over the next decade. He added that rising demand for stablecoins would lead to increased demand for the U.S. dollar, thereby strengthening its value. Miran concluded that the Fed's monetary policy could be adjusted depending on the magnitude of this effect.