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Central banks could leverage stablecoins as a shortcut, according to a New York Fed advisor

News
Central banks could leverage stablecoins as a shortcut, according to a New York Fed advisor

Central Banks could just opt to use stablecoins instead of developing their own central bank digital currencies (CBDCs), according to one Federal Reserve research advisor.

New York Federal Reserve research advisor, Antoine Martin, said that stablecoins offer central banks a potential shortcut towards having their own digital currencies, according to a Wednesday The Block report. He said:

“Instead of issuing a retail [CBDC], central banks could support stablecoins by allowing them to be backed one-for-one with balances in a central bank account. […] Adapting our regulatory and legislative environment to support stablecoins is already a formidable task, but it is probably easier than managing a CBDC for retail use.”

Martin compared stablecoins to Chinese mobile payment platforms, Alipay and Tenpay, who they described as “very close cousins.” He pointed out that when users of those services transfer money, the platforms are required to hold the equivalent fiat balance in the country’s central bank — a mechanism that could be replicated with stablecoins.