Randal Quarles, vice chair for supervision of the Federal Reserve Board of Governors, said he believed neither dollar-pegged stablecoins nor digital currencies issued by foreign central banks are likely major causes for concern for the U.S. dollar.
In a prepared statement for the Annual Utah Bankers Association Convention Monday, Quarles said that foreign currencies — whether fiat or digital — would be unlikely to challenge the U.S. dollar’s role in the global economy. He cited the size of the U.S. economy, trade relationships with other nations, and “credible U.S. monetary policy” as reasons he believed even a central bank digital currency, or CBDC, issued abroad would pose little risk.
Continue Reading on Coin Telegraph
