Stablecoin Growth is now a serious topic in global finance. That’s the message Federal Reserve Governor Stephen Miran delivered at the BCVC Summit in New York. He said the rise of stablecoins is no longer a small trend.
According to Miran, Stablecoin Growth is already changing how people move money, save, and access dollars.
Stablecoins And Global Dollar Demand
Miran said stablecoins are helping more people around the world access dollars. They provide a fast, cheap, and borderless way to store and use money. A considerable number of users reside in regions where capital flow is tightly restricted, there is a poor banking system, or the currency is fluctuating. For them, stablecoins are a lifeline, not another trend.
THE FED JUST CALLED STABLECOINS A “MULTI-TRILLION DOLLAR” FORCE
Fed Governor Stephen Miran, speaking today at the BCVC Founder Summit, said stablecoins are now a real part of global finance — not a sideshow.
Key points from his keynote:
💵 Stablecoins are becoming a major way… pic.twitter.com/AZpeJzfp4c
— CryptosRus (@CryptosR_Us) November 8, 2025
He explained that Stablecoin Growth is driving demand for U.S. Treasury bills and other safe dollar assets. This is an external demand, particularly in markets with limited access to the dollar system. The more stablecoins grow, the more U.S. assets they must hold in reserve. This drives the cost of borrowing down and puts pressure on interest rates.
The GENIUS Act
A big part of this conversation is the new U.S. law, the GENIUS Act. Miran praised it for creating clear rules for stablecoins. He said the law requires issuers to back stablecoins one-to-one with safe dollar assets, such as Treasury bills, repurchase agreements, or bank deposits. It lends stablecoins more credibility, providing stablecoin issuers with a clear path to operate in the U.S.
✅ GENIUS ACT SIGNED INTO LAW
“The GENIUS Act creates a clear and simple regulatory framework to establish & unleash the immense promise of dollar-backed stablecoins. This could be perhaps the GREATEST revolution in financial technology since the birth of the internet itself.” pic.twitter.com/CH5pnznAuf
— The White House (@WhiteHouse) July 18, 2025
Mass Adoption Could Move Interest Rates
Federal research suggests that stablecoins could reach $1 trillion to $3 trillion in the next five years. Miran said that if this happens, it could push the neutral interest rate, known as r*, lower. It is the rate at which the economy is steady, neither overheating nor slowing down. The lower the r*, the more frequently the Fed might be forced to reduce interest rates.
INSIGHT: 🇺🇸 Fed Governor Miran says growing stablecoin demand could “push down” interest rates. pic.twitter.com/Ejg28tOF9S
— Coinvo (@Coinvo) November 10, 2025
Conclusion
Stablecoin Growth is shaping global finance fast. It is boosting demand for U.S. assets, altering how people access dollars, and may even impact interest rates. Miran believes stablecoins are no longer a side project. They are part of the future financial system. He believes the world’s central banks will have to adjust as Stablecoin Growth accelerates.
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