Federal Reserve Barr expresses concern about bitcoin-backed stablecoins
2025-10-20 23:00:13
Federal Reserve Governor Michael Barr expressed concern that stablecoins could be used as a reserve asset under the newly passed GENIUS Act, which could threaten the stability of these digital payment instruments. Barr acknowledged the potential advantages of stablecoins for international remittances, cross-border trade and corporate financial management, but highlighted significant loopholes in existing regulations. While the GENIUS Act does not directly support the use of bitcoin as a reserve, it allows the holding of "any medium of exchange authorized or adopted by a foreign government" as a reserve asset. Barr pointed out that El Salvador used bitcoin as legal tender and still allows voluntary transactions, so issuers may argue that bitcoin repurchases can be used as a stablecoin qualified reserve asset.
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