Christopher Waller, a member of the Federal Reserve Board of Governors, has stated that about 99% of stablecoins are pegged to the US dollar. This means that, although there is speculation that cryptocurrencies such as Bitcoin may replace the US dollar, the majority of DeFi sector operations still use stablecoins pegged to the dollar. Waller believes the development of the digital asset industry will not diminish the status of the US currency, but rather reinforce it. He has also previously criticized the idea of launching a digital dollar, stating that it would not strengthen the US currency’s position internationally. His colleague Michelle Bowman has also questioned the need for a digital dollar, stating that financial inclusion and improved payment systems could be achieved by means other than CBDCs.
