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Fed’s Miran: Lots of stablecoin usage would likely lower the neutral rate
Par Agustin Wazne
Date de publication: 8 Nov 2025 | Date de modification: 8 Nov 2025
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Federal Reserve Governor Stephen Miran spoke about stablecoins and monetary policy at the Blockchain & Venture Capital Summit in New York on Friday. He said that a lot of stablecoin usage would likely lower the neutral rate, and that Widespread stablecoin usage could push up the dollar's value.
Federal Reserve Governor Stephen Miran spoke about stablecoins and monetary policy at the Blockchain & Venture Capital Summit in New York on Friday. He said that a lot of stablecoin usage would likely lower the neutral rate, and that Widespread stablecoin usage could push up the dollar's value.
Key Takeaways
Widespread stablecoin usage could increase risk of hitting zero lower bound.
Lots of stablecoin usage would likely lower the neutral rate.
I am encouraged by stablecoin integration into the financial system.
Wide stablecoin usage could push up the dollar's value.
The rise of stablecoins could drive even wider use of the dollar.
Widespread use of stablecoins could argue for lower Fed rates.”
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.12% | -0.19% | 0.29% | -0.53% | -0.22% | 0.14% | -0.10% | |
| EUR | 0.12% | -0.07% | 0.39% | -0.41% | -0.10% | 0.26% | 0.02% | |
| GBP | 0.19% | 0.07% | 0.44% | -0.37% | -0.03% | 0.34% | 0.09% | |
| JPY | -0.29% | -0.39% | -0.44% | -0.76% | -0.45% | -0.12% | -0.34% | |
| CAD | 0.53% | 0.41% | 0.37% | 0.76% | 0.31% | 0.65% | 0.43% | |
| AUD | 0.22% | 0.10% | 0.03% | 0.45% | -0.31% | 0.37% | 0.12% | |
| NZD | -0.14% | -0.26% | -0.34% | 0.12% | -0.65% | -0.37% | -0.24% | |
| CHF | 0.10% | -0.02% | -0.09% | 0.34% | -0.43% | -0.12% | 0.24% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
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