Governor Waller Sets Digital-Asset Focus for Fifth U.S. Dollar Conference

Governor Waller announced the agenda for the fifth installment of the Conference on the International Roles of the U.S. Dollar, directing attention to financial innovations - particularly stablecoins and distributed-ledger technologies - as emerging forces shaping the dollar's global function.

The two-day program will feature papers that document rapid growth in stablecoin-based transactions, decentralized foreign-exchange trading, and alternative cross-border payment rails, highlighting how these new channels intersect with traditional banking and payment systems.

Additional research examines whether stablecoin flows generate spillovers into broader financial markets, testing effects on exchange rates, dollar funding conditions, covered-interest-parity deviations, and cross-border capital movements.

A major theme explores the relationship between stablecoins and U.S. safe assets, with several studies probing how dollar-backed stablecoins might create a direct conduit for global liquidity demand to U.S. Treasury markets.

Governor Waller noted that while the size, strength, and depth of the U.S. economy and trust in its institutions remain core to the dollar's role, private-sector competition spurred by digital innovation can improve outcomes for consumers and society. He thanked participants and clarified that the views expressed are his own and not necessarily those of his Federal Reserve Board colleagues.