Federal Reserve governor Christopher Waller said on 17 November there can be value in private money designed to match the stability of conventional currencies, and offered some views on how regulators might want to oversee and ensure the safety of this new part of the payment system.

“The United States has a long history of developing, refining and integrating new payment technologies in ways that maintain the integrity of its financial institutions and its payment system,” Waller said in a virtual appearance. So-called stablecoins “may be new, but their economics are far from it,” the central banker said.