Stablecoins are an “area of enormous growth,” said Federal Reserve Governor Stephen Miran as he spoke about cryptocurrency for the first time in his new position.
“Based on the surveys that I’ve seen, the forecasts that I’ve seen, it’s a force to be reckoned with absolutely,” Miran said on Friday when he was asked about crypto during a panel at the BCVC Summit in New York City. Miran seemed less sure of where the rest of crypto is headed, but said lots of innovation was happening either way.
“However, I do think there’s a lot of innovation happening and that innovation is already starting to have economic consequences of the type that matter for the Fed and of the type that matter for monetary policy,” Miran added.
Miran assumed his role as Fed chair in September after being confirmed by the Senate. Before, he served as chair of the Council of Economic Advisers under President Donald Trump.
On Friday, in a prepared speech at the summit ahead of answering questions, Miran said that the widespread use of stablecoins could put “downward pressure on interest rates.”
“Even relatively conservative estimates of stablecoin growth imply an increase in the net supply of loanable funds in the economy that pushes down r*,” Miran said, referring to the neutral rate of interest measured when the economy is at full employment and stable inflation. “If r* is lower, policy rates should also be lower than they would otherwise be to support a healthy economy.”
Miran joined the central bank amid tension over cutting interest rates, and as Trump has pushed for steeper cuts, which received pushback from Fed Chair Jerome Powell and other top leaders at the central bank. Miran has called for rate cuts, and on Thursday said he expected rate cuts in December, according to reporting from Reuters.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
