US Federal Reserve Governor Christopher Waller reassures the private banking sector about embracing crypto payments, emphasizing the importance of new technology in recording transactions. The Fed has shifted towards a pro-crypto stance, withdrawing guidance that deterred banks from crypto activities and ending a risk-focused program overseeing crypto-related activities.

Waller compares DeFi transactions to everyday debit card purchases, simplifying the process of buying memecoins with stablecoins. He views the recent GENIUS bill as a significant step towards stablecoin adoption, noting that stablecoins could enhance the dollar’s global role and improve retail and cross-border payments.

The stablecoin market is projected to surge by 615% to reach $2 trillion by 2028, with current market cap at $280 billion. Tether (USDT) and Circle’s USDC dominate the industry with market caps of $167 billion and $67.5 billion, respectively. A stablecoin regulatory framework could boost demand for US Treasury bills.

Read more at Cointelegraph: Fed Governor Waller Tells Peers, Bankers Not To Be Scared Of DeFi