He also said that he expects a massive outflow of funds from banks with the rapid transfer of large amounts of capital between banks and issuers of stable digital coins.

The Fed official acknowledged that tokens pegged to the US dollar and backed by liquid assets like treasury bonds are already becoming part of the financial market, as stablecoins make it easier and faster for people to transfer money around the world. The rapid spread of stablecoins could change the demand for dollar assets, Miran suggested, which would reduce the cost of loans in the United States and create the risk of lower interest rates designed to balance the economy without stimulating or limiting its growth.

"Stablecoins are increasing the demand for U.S. Treasury bills and other dollar-denominated assets among buyers outside the country, especially in emerging markets. This demand will continue to grow, putting pressure on a neutral interest rate and complicating monetary policy," said a member of the Fed board.

According to the Fed's forecast, by 2030, the issue of stablecoins could reach $3 trillion, which is comparable to the volume of purchases of government bonds made by the Fed during the COVID-19 pandemic to stimulate the economy. Miran suggested that with such a large scale, stablecoins will become too large assets, and central banks will no longer be able to ignore them.

In August, another member of the Fed's board of governors, Christopher Waller, said that the regulator is exploring the possibilities of tokenization, smart contracts and artificial intelligence (AI) in the field of payments. Earlier, the Fed lifted the requirements that limited the participation of banks in operations with crypto assets.