Federal Reserve Governor Waller: Payment systems are undergoing a technological revolution, and the Fed is conducting technical research on innovations including tokenization and smart contracts

Foresight News – According to the official website of the Federal Reserve, Federal Reserve Board Governor and Vice Chair for Supervision Michael S. Waller stated at the Wyoming Blockchain Symposium that the payments system is undergoing a "technology-driven revolution," with advances in computing power, data processing, and distributed networks fueling the growth of innovative payment services. This includes 24/7 instant payments, user-friendly digital wallets and mobile payment apps, stablecoins, and other digital assets. The Federal Reserve is also conducting technical research on the latest wave of innovations, including tokenization and smart contracts.

In addition, Waller believes that stablecoins have the potential to maintain and expand the role of the US dollar internationally. Stablecoins may also improve retail and cross-border payments.