Boston Fed President Says the ‘Exponential Growth’ of Stablecoins Could ‘Disr...
Boston Federal Reserve president Eric Rosengren discussed stablecoins in a recent presentation on June 25. Rosengren stressed that stablecoins could be a “disruptor” to prime money market funds and the Boston Fed president remarked that the exponential growth of stablecoins is concerning. Rosengren: ‘We Should Be a Bit Concerned About Stablecoin Markets Growing Very Rapidly’ Members of the Federal Reserve are quite aware of stablecoins and the massive market these pegged-assets have created. Today statistics show there’s $111 billion in stablecoin....
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Boston Federal Reserve President Eric Rosengren notes that Tether could be a "disruptor" to short term credit markets. While a presentation yesterday from Boston Federal Reserve President Eric Rosengren has some members of cryptoTwitter spooked at the idea of regulation and oversight, the central bank might simply be pondering the future. In a presentation titled “Financial Stability,” Rosengren identified the stablecoin Tether by name as a part of three different “Financial Stability Challenges.” The challenges included risks to the housing market, the need for emergency lending....
A Kansas resident has started a bitcoin fundraising campaign to raise money for a Boston hospital, in response to the Boston bombing. Trey Copeland registered bitcoinsforboston.com on April 16, the day after the bombings in Boston, which struck at 2:50pm eastern time. The site asks for people to donate bitcoins to help the Boston Medical Center. "I received my first bitcoin in 2011," said Copeland, who describes himself as a true believer in the bitcoin currency. "This project was created to show that bitcoins can also be used to help people in a time of need." Copeland is planning to....
The Massachusetts Office of Consumer Affairs is reviewing the Boston Bitcoin ATM, after issuing a warning. Last Tuesday, another warning against the usage of Bitcoin was thrown into the world. The Massachusetts Consumer Affairs Office issued an official consumer alert, warning people about the risks of buying and trading the virtual currency. Mt. Gox and Boston ATM. The alert isn't any different from previous warnings we've seen, but it's special since it was issued by the state of Massachusetts. The state recently made headlines when one of America's first Bitcoin ATMs was surprisingly....
Susan M. Collins is set to become the first Black woman to head a Federal Reserve Bank. The Federal Reserve Bank of Boston, or Boston Fed, has selected economist Susan M. Collins, University of Michigan provost, to serve as its new president and chief executive officer.The seat has become vacant in September 2021, when the then-president Eric Rosengren expedited his retirement amid a controversy around his securities trading while in office. Collins, who is Jamaican-American, will become the first Black woman in the Fed’s history to lead a Federal Reserve Bank. She will assume office on....
Are stablecoins actually stable? Tether’s basket of reserve assets raises eyebrows as a new round of debate regarding backing begins. The stablecoin market has been growing exponentially, and last week, Eric Rosengren — president of the Federal Reserve Bank of Boston — appeared to raise a cautionary flag. “There are many reasons to think that stablecoins — at least, many of the stablecoins — are not actually particularly stable,” he said in remarks before the Official Monetary and Financial Institutions Forum, voicing concerns that “a future [financial] crisis could easily be triggered as....