Does a Fed digital dollar leave any room for crypto stablecoins?

During Jerome Powell’s Jan. 11 United States Senate confirmation hearings, Sen.

, including that a CBDC could effectively replace commercial bank money. That paper was aimed at eliciting public comment, while elsewhere the Fed has indicated no interest in rushing out a digital currency despite the efforts of other countries like China. “Stablecoins are different from most CBDCs in their construct and purpose,” Matt Higginson, a McKinsey partner who leads the consulting firm’s global blockchain and digital assets initiatives, told Cointelegraph. CBDCs are usually intent on improving financial inclusion, reducing the cost of cash and, to some degree, tracking financial transactions . Stablecoins, by comparison, are dollar-pegged tokenized cash aimed at improving the speed and efficiency of payments.

Some countries, too, might prefer to dollarize their economies with a USD stablecoin, Duffie added. “And, some might get dollarized against the wishes of their central banks.” Not all CBDCs need to be blockchain-based or based on digital ledger technology, either, as Duffie noted, further explaining:

“U.S. institutions, such as the Fed and regulators, seem to have understood that stablecoins can provide tremendous support for the U.S. dollar,” opined Gross. Why? “The largest stablecoins are all backed by the U.S. dollar,” and if they were to strengthen their position as a means of payment in the crypto space, “this means that the U.S. dollar gains in importance.”

Higginson, for his part, viewed the notion that stablecoins could affect monetary policies as misguided. “Stablecoins are almost fully reserved,” which means a real dollar is set in reserve for almost every tokenized stablecoin dollar, he said, further telling Cointelegraph:

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