Federal Reserve Governor Waller outlines a bank-and-nonbank stablecoin framework

What changed

Governor Christopher Waller described stablecoins as potentially useful payment instruments and called for a framework that permits both bank and nonbank issuers with appropriate safeguards.

Who it affects

• Stablecoin issuers, banks, payment firms, investment advisers, and clients using stablecoins

What is still open

• The final statutory and agency framework and division of federal and state oversight

What it means for an advisor

• Track issuer eligibility, reserve, redemption, custody, and payment-use requirements without treating the speech as binding law.