"We do see payments stablecoins as a form of money," Federal Reserve Chair Jerome Powell tells the U.S. House Financial Services Committee
Speaking today at the US House Financial Services Committee’s semi-annual monetary policy testimony, Federal Reserve Chair, Jerome Powell, said, “We see stablecoins as a form of money.” The comments were made in Powell’s first testimony hearing before Congress since March.
Powell was primarily present to discuss the interest rate development in the country and the Fed’s recent decision to pause hikes. Subsequently, he delved into the digital asset industry, noting the Fed’s perspective on stablecoins and their place in the country’s economic outlook.
Powell Talks Stablecoins in New Testimony
The last year has been a hectic one for the Federal Reserve as the agency has fought inflation. Moreover, its year-long interest rate hikes to combat that figure have been well documented. However, the practice ended this month, with a pause on the noted hikes.
Subsequently, the Fed chair appeared before Congress today at a semi-annual monetary policy testimony. There, he discussed the interest rate decision and the Fed’s plan for the continued inflationary fight. However, he also delved into the digital asset industry in comments made at his appearance.