Stablecoins could offer central banks a shortcut, says New York Fed advisor
Stablecoins could offer central banks a shortcut to having their own digital currencies, a New York Federal Reserve advisor said at an event in London on Tuesday. Martin previously wrote that stablecoins are unlikely to have a place in the traditional finance system.
Martin drew a comparison between stablecoins and the Chinese payment platforms Alipay and Tenpay, describing them as “very close cousins.” When users of those services transfer money, the platforms need to hold the equivalent yuan in the Chinese central bank, much like stablecoins could. The comment suggested a possible shift in thinking on stablecoins, as the New York Fed advisor.
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