Fed minutes: After the GENIUS Act, the use of stablecoins may increase, closely follow its impact.

[Chain News] PANews August 21 news, the Fed released the minutes of the July meeting, which mentioned that many participants discussed recent and future developments related to payment stablecoins and their potential impact on the financial system. These participants noted that with the recent passage of the GENIUS Act (the U.S. Stablecoin Innovation and Protection Act), the use of payment stablecoins may increase. They stated that payment stablecoins help improve the efficiency of payment systems and also observed that such stablecoins may increase the demand for the underlying support assets (including U.S. Treasuries). In addition, participants who expressed opinions also expressed concerns that stablecoins could have broader impacts on banks and the financial system as well as on the implementation of monetary policy, thus warranting close follow-up, including monitoring various assets used to support stablecoins.

The Fed meeting minutes show that officials are closely following the growth of stablecoins and the associated risks after the passage of the Genius Act.

According to data platform statistics, the number of times stablecoin was mentioned in this Fed meeting minutes was 8.