{"id":29969,"date":"2026-05-31T19:47:40","date_gmt":"2026-05-31T18:47:40","guid":{"rendered":"https:\/\/investx.fr\/en\/2026\/05\/31\/fed-stablecoins-dollar-global-influence\/"},"modified":"2026-05-31T19:47:44","modified_gmt":"2026-05-31T18:47:44","slug":"fed-stablecoins-dollar-global-influence","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/fed-stablecoins-dollar-global-influence\/","title":{"rendered":"The Fed Wants to Use Stablecoins to Extend the Dollar’s Global Influence"},"content":{"rendered":"\n

A senior official at the U.S. Federal Reserve<\/strong> has just crossed an important rhetorical threshold: stablecoins are no longer viewed as a threat, but as a strategic tool for monetary projection<\/strong>.<\/p>\n\n\n\n

Christopher Waller<\/strong>, Fed Governor, took the stage in Croatia to champion an unprecedented vision: that of a private digital dollar<\/strong>, backed by stablecoins<\/a>, capable of transmitting U.S. monetary policy far beyond its traditional borders.<\/p>\n\n\n\n

These remarks come at the precise moment the U.S. Congress<\/strong> is debating the CLARITY Act<\/strong>, a piece of legislation that could fundamentally reshape the regulatory framework for crypto assets in the United States.<\/p>\n\n\n\n

Waller: Stablecoins as a Transmission Belt for U.S. Monetary Policy<\/h2>\n\n\n\n

During his address in Croatia, Christopher Waller<\/strong> compared the adoption of dollar-denominated stablecoins to a mechanism of informal dollarization<\/strong> on a global scale. In countries where populations are massively adopting dollar-backed stablecoins \u2014 such as USDT<\/strong> or USDC<\/strong> \u2014 the Fed<\/strong>‘s monetary policy is transmitted de facto to those economies, even without any bilateral agreement in place.<\/p>\n\n\n\n

This reasoning carries significant weight. It means that every digital dollar circulating abroad mechanically reinforces demand for U.S. Treasury bills<\/strong>, since stablecoin issuers are required to hold reserves in dollar-denominated assets. Tether alone held over $90 billion in U.S. T-bills<\/strong> at the end of 2024, according to its own reserve attestations \u2014 which would make it one of the largest holders of short-term U.S. debt in the world.<\/p>\n\n\n\n

For Waller, this mechanism represents a major geopolitical opportunity<\/strong>: extending the dollar’s footprint without going through the traditional channels of financial diplomacy, and without resorting to a CBDC<\/strong> (central bank digital currency) that the Fed has always approached with caution.<\/p>\n\n\n\n

The CLARITY Act: The Legislative Framework That Could Change Everything<\/h2>\n\n\n\n

Waller’s statements come against a backdrop of intense legislative activity. The CLARITY Act<\/strong><\/a>, currently under discussion in Congress, aims to clarify the boundary between digital assets falling under the jurisdiction of the SEC<\/strong> (securities) and those falling under the CFTC<\/strong> (commodities). This legal ambiguity has been paralyzing the U.S. crypto industry for years.<\/p>\n\n\n\n

If passed, the bill could provide stablecoin issuers with a stable and predictable regulatory framework<\/strong> \u2014 a prerequisite for institutional players to commit meaningfully to this segment. Projects such as PayPal’s stablecoin<\/strong> (PYUSD) and the stated ambitions of major U.S. banks in this space could then accelerate significantly.<\/p>\n\n\n\n

The convergence between Waller’s strategic vision and Congress’s legislative agenda paints a coherent picture: the United States is betting on private stablecoins as a vector of digital monetary hegemony<\/strong>, in direct opposition to the digital yuan<\/strong> promoted by Beijing and the de-dollarization<\/strong> initiatives championed by the BRICS<\/strong> nations.<\/p>\n\n\n\n

What This Concretely Means for the Crypto Market<\/h2>\n\n\n\n

For market participants, a signal of this kind from a Fed<\/strong> Governor is far from trivial. Institutional validation at this level reinforces the legitimacy of dollar-backed stablecoins<\/strong><\/a> \u2014 and could accelerate their adoption across emerging markets in Southeast Asia, Latin America, and Sub-Saharan Africa, where local currency volatility is already pushing millions of users toward USDT<\/strong>.<\/p>\n\n\n\n

On the regulatory front, Waller’s stance also reduces the likelihood of a ban or severe restriction on stablecoins in the United States in the near term. It instead positions these instruments as allies of U.S. foreign policy<\/strong>, granting them an implicit layer of political protection.<\/p>\n\n\n\n

One question remains open: to what extent can this strategy succeed without a robust supervisory framework? The risks of depegging<\/strong>, issuer insolvency, or reserve manipulation \u2014 as demonstrated by the UST collapse in 2022<\/a> \u2014 serve as a reminder that the dollar’s digital projection power ultimately depends on trust in the private issuers that underpin it.<\/p>\n\n\n\n

\n\n\n\n

Related articles :<\/h3>\n\n\n\n