Federal Reserve Governor Stephen Miran highlighted the need for monetary policy to adapt to the rapid growth of stablecoins, projecting up to $3 trillion in uptake by 2030. In a speech delivered on November 7, 2025, at the BCVC Summit in New York, the governor cited internal Fed staff estimates indicating stablecoins may account for a significant share of Treasury bill demand. With less than $7 trillion in outstanding bills today, an influx of $1–3 trillion from stablecoin issuers like Tether and Circle could materially affect funding rates and open market operations.
Miran, the newest governor appointed by President Donald Trump, noted that the recently enacted GENIUS Act establishes federal oversight of U.S. dollar stablecoins but does not authorize direct yield. As a result, foreign users may drive demand for stablecoins as a savings instrument, redirecting global dollar flows. The governor argued that central bankers must consider stablecoin-driven demand in setting policy rates under the Fed’s dual mandate of price stability and maximum employment. A stronger dollar resulting from stablecoin inflows could influence export competitiveness and inflation dynamics.
The speech underscored stablecoins’ role as a growth vector for digital finance, facilitating remittances, cross-border payments, and on-chain trading. Miran emphasized the need for a “reboot” of U.S. financial infrastructure, suggesting stablecoins could complement traditional banking rails. Policy adjustments may include revised collateral frameworks, enhanced data collection, and coordination with international regulators to monitor dollar-pegged token flows. As legislative bodies and regulators worldwide evaluate stablecoin frameworks, Fed actions will shape the integration of digital dollar instruments into the broader financial system.
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