FILE PHOTO: Newly appointed Federal Reserve Governor Stephen Miran sits before speaking at The Economic Club of New York in New York City, U.S., September 22, 2025. REUTERS/Shannon Stapleton/File Photo
NEW YORK (Reuters) -Federal Reserve Governor Stephen Miran on Friday said that if stablecoins end up enjoying widespread adoption it could mean the central bank needs to keep short-term interest rates lower than they would otherwise be.
“Even relatively conservative estimates of stablecoin growth imply an increase in the net supply of loanable funds in the economy that pushes down” the economy’s neutral rate, Miran said in the text of a speech to be delivered before the BCVC Summit 2025 in New York.
