Federal Reserve Governor Michelle Bowman: Stablecoins could significantly lower the R* rate. If R* declines, the policy rate should also decrease. When access to dollars is restricted, stablecoins can meet the demand. The growth of stablecoins should boost the supply of funds available for loans
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Federal Reserve Governor Michelle Bowman stated that stablecoins could significantly lower the R* rate, thereby affecting the policy interest rate. When access to dollars is restricted, stablecoins can meet market demand. The growth of stablecoins is expected to increase the supply of funds available for loans
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