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A top Fed official zeroes in on risks to financial stability posed by a booming corner of the crypto market
Speaking at DC Fintech Week on Thursday, Federal Reserve Gov. Michael Barr said he had some concerns about stablecoins and their effect on broader financial stability. While he acknowledged the benefits of innovation in payments that the fiat-backed crypto coins offer, he said the creation of private money presents unique risks. "Looking at the long history of runs from private money is a helpful reminder of how these runs can happen and what's at stake when they do," Barr said, pointing to examples from history when the US had competing forms of money issued by banks. Since the Senate passed the landmark GENIUS Act ... (full story)
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