Non-dollar stablecoins could spur greenback’s decline – BdF deputy
Central banks should embrace, not oppose, financial innovation, Bénassy-Quéré argues
The growth of non-dollar-based stablecoins could weaken the US currency’s role as a medium of exchange, a deputy governor of the Banque de France (BdF) has warned.
In a blog post on September 15, the BdF’s second deputy governor Agnès Bénassy-Quéré argues that central banks should accelerate their plans to develop digital currencies as the role of dollar-backed stablecoins continues to grow.
She points out that the US is driving two opposing initiatives by promoting dollar-backed stablecoins
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