U.S. Treasury Secretary Janet Yellen said stablecoins could lead to greater efficiencies and contribute to easier payments, but required proper regulation.
- “There are significant risks associated with them including risks to payment systems and risks related to the concentration of economic power,” she said.
- Yellen and Federal Reserve Chairman Jerome Powell testified before a House panel Tuesday.
- During the discussion Powell said inflationary pressures remain high.
- “It is time to retire the word ‘transitory’ regarding inflation.”