Mr. Barr, the Fed governor, said more specific regulations were needed to ensure the safe operation of stablecoins. "For stablecoins to reach their full potential, further safeguards need to be put in place to protect families, businesses and the financial system as a whole," Mr. Barr said on Thursday. Mr. Barr, a former vice-chairperson of regulation at the Fed, welcomed the passage earlier this year of the Genius Act, which established a framework for stablecoins.