@taskmaster4450le's thread

Governor Waller said this in a speech:

“About 99% of stablecoin market capitalization is linked to the U.S. dollar,” Waller said at a central banking-focused conference on Feb. 15.

“People often conjecture that cryptocurrencies like Bitcoin may replace the U.S. dollar as the world’s reserve currency,” Waller added. He noted, however, that most DeFi trades use stablecoins largely linked to the dollar.

“Crypto-assets are de facto traded in U.S. dollars. So, it is likely that any expansion of trading in the DeFi world will simply strengthen the dominant role of the dollar.”