Federal Reserve Director Waller: Payment system is in a technological revolution, and the Federal Reserve is conducting technical research on innovations including tokenization, smart contracts, etc.

According to Foresight News, the Fed's official website shows that Fed's director and vice chairman of financial regulation said at the Wyoming blockchain seminar that payment systems are undergoing a "technology-driven revolution", and the latest advances in computing power, data processing and distributed networks have driven the growth of innovative payment services. This includes 7×24-hour 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, smart contracts, etc.


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

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