Stephen Miran, a member of the Board of Governors of the Federal Reserve System, has presented a forecast indicating that the market for dollar-backed stablecoins could reach $3 trillion by the end of this decade. According to him, such growth has the potential to significantly alter the demand structure for dollar-denominated assets and impact U.S. monetary policy.
This is reported by Business • Media
Impact of Stablecoins on the Financial System and the Dollar
Miran emphasized that if this scenario materializes, the total volume of stablecoins will surpass parts of the current segments of the U.S. debt market. During his speech at the BCVC 2025 summit in New York, he highlighted that stablecoins are already becoming an important tool for the global circulation of the U.S. currency, especially in countries with limited access to traditional financial systems.
According to Miran’s estimates, the growing popularity of stablecoins enhances the international influence of the dollar, but at the same time presents new challenges for the Federal Reserve in managing liquidity and monetary policy.
“If the global surplus of stablecoins is driven by a shift from other currencies to the dollar, it will strengthen the American currency but create new challenges for monetary policy,” said Miran.
Regulation, Banking System, and Infrastructure Prospects
A member of the Fed board noted that the current stablecoin legislation does not pose a direct threat to the banking system. According to him, a significant portion of the demand for these tokens is generated outside the U.S., so the risks of deposit outflows from banks are minimal. He also emphasized that the new regulatory law GENIUS does not provide for yield accrual for stablecoins, making them less attractive compared to traditional bank deposits.
Miran also pointed out that the development of stablecoins could serve as a catalyst for modernizing the financial infrastructure of the U.S. He believes that the use of dollar-backed tokens will enhance the speed and transparency of transactions, as well as improve the system for storing and transferring funds.
Stephen Miran was appointed to the Fed board by President Donald Trump in 2025. Prior to this, he served as an economic advisor in the administration of the head of state and worked in the private sector.