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Home News Crypto

Fed Governor Waller Urges Banking Sector to Embrace Crypto Payments, Calls DeFi ‘Nothing to Fear’

21 August 2025
in Crypto
Reading Time: 3 mins read
101 7
source: bloomberg.com

source: bloomberg.com

U.S. Federal Reserve Governor Christopher Waller has reassured policymakers and private banks that cryptocurrency payments and decentralized finance (DeFi) technologies pose no threat to the traditional financial system.

Speaking at the Wyoming Blockchain Symposium 2025 on Wednesday, Waller said crypto transactions are “simply new technology” for transferring value and recording transactions.

Christopher Waller Member of the Federal Reserve Board of Governors of the United States says that distributed ledger is a technology. According to him the Fed is looking how they can use smart contracts in the payment system in the United States. The signal is super strong that… pic.twitter.com/Jm9XKHe0jc

— Sergii Gerasymovych (@SergiiGera) August 20, 2025

“There is nothing scary about this just because it occurs in the decentralized finance or DeFi world — this is simply new technology to transfer objects and record transactions,”

Waller told attendees, likening stablecoin-based purchases to the everyday act of tapping a debit card at the grocery store.

“There is nothing to be afraid of when thinking about using smart contracts, tokenization, or distributed ledgers in everyday transactions.”

His remarks underscore the Fed’s recent shift toward a more crypto-friendly stance. In April, the central bank withdrew its 2022 guidance that discouraged banks from engaging in digital asset activities. Last week, it scrapped its “novel activities supervision program” for crypto-related banking services, while Fed Vice Chair for Supervision Michelle Bowman suggested staff be allowed to hold small amounts of crypto to better understand the technology.

Waller, seen as a frontrunner to succeed Jerome Powell as Fed Chair when his term expires in May 2026, argued that stablecoins could play a vital role in strengthening the dollar’s global position. He pointed to the newly signed Guiding and Establishing National Innovation for U.S. Stablecoins Act as a milestone that could unlock their “full potential” in retail payments, cross-border transactions, and in economies struggling with high inflation or scarce access to dollars.

The stablecoin market currently stands at around $280 billion, with U.S. Treasury projections suggesting it could swell to $2 trillion by 2028 if a clear regulatory framework accelerates demand for U.S. debt securities. Market leaders Tether (USDT) and Circle’s USD Coin (USDC) dominate the sector, commanding market caps of $167 billion and $67.5 billion, respectively, according to CoinGecko.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: Christopher Waller
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