At a recent blockchain seminar held in Wyoming, Federal Reserve Board of Governors member Christopher Waller expressed optimism about the prospects of the stablecoin market. He believes that as an encryption asset linked to fiat currency, stablecoins are driving a financial technology revolution, which not only helps solidify and expand the international status of the U.S. dollar but also improves the efficiency of retail and cross-border payments.

Waller emphasized that blockchain technology should be seen as a complement to traditional payment systems, rather than a replacement. He explained that the transaction processes in the cryptocurrency world are essentially similar to the buying and selling processes and receipt issuance in traditional payment transactions. At the same time, he pointed out that technologies such as smart contracts, asset tokenization, and distributed ledgers in decentralized finance (DeFi) are actually just new ways to transfer assets and record transactions, and there is no need for excessive concern.

Currently, the global stablecoin market size has reached $280 billion, accounting for 7% of the entire cryptocurrency market value. Among them, Tether (USDT) ranks first with a circulation of $167 billion and a market share of 60%, while Circle's USDC follows closely with a circulation of $67.5 billion and a market share of 24%. Despite new players constantly emerging, such as Ripple's RLUSD and World Liberty Finance's USD1, the market is still mainly dominated by leading projects.

Waller's views reflect the recent trend of the Fed's policy shift. In April of this year, the agency withdrew its 2022 guidelines that restricted banks from engaging in encryption activities, sending a clear signal of a change in regulatory attitude. At the same time, the Fed is actively conducting technological research in areas such as tokenization of real-world assets, smart contracts, and artificial intelligence, aiming to better grasp industry trends and support private enterprises in utilizing banking infrastructure.

Waller's speech not only reflects the Fed's positive attitude towards cryptocurrency and financial technology innovation but also creates new possibilities for the integration of the traditional financial sector with the digital asset ecosystem. This statement will undoubtedly inject new momentum into the development of the stablecoin market, while also guiding the evolution of the entire financial system.