Yellen believes stablecoin market fluctuation can't affect the U.S.
Janet Yellen, the United States Treasury Secretary, known for her comments on various crypto-related matters, has again been in the headlines for commenting on the unstable stablecoin market.
Yellen: Stablecoin market is not large enough
Yellen believes the stablecoin market isn't significant enough that a decline in the price of TerraUSD (UST) and Tether (USDT) below $1 would pose a threat to the country's financial stability.Yellen hinted at the size of the stablecoin market in a House Financial Services Committee hearing on the Financial Stability Oversight Council's Annual Report to Congress on Thursday, saying that UST dropping to under $0.40 and USDT briefly depegging from the dollar to hit $0.96 would not pose a "real threat to financial stability." According to a November report from the President's Working Group on Financial Markets, the council is examining "potential financial stability risks" in the digital asset market.
Referring to the digital assets, Yellen said:
"They're growing very rapidly. They present the same kind of risks that we have known for centuries in connection with bank runs."She went on to compare the stablecoin market with CBDC and said that despite having lesser risks than stablecoins, a CBDC in the nation could have "a very significant impact on the structure of financial intermediation."
Quick action on regulation?
Over the last several years, stablecoins have seen incredible growth, and more IT companies are now entering the industry. On the other hand, the United States regulatory bodies are continuously working to regulate stablecoins. There have been several instances where the United States Securities and Exchange Commission scrutinized Tether (USDT). Japan has also hinted that it would follow a similar stance to regulate the stablecoin market.In July last year, Yellen encouraged the Presidential Working Group on Financial Markets (PWG) to move quickly to regulate the stablecoin market.
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