PANews reported on July 11 that according to Jinshi, Federal Reserve Governor Waller said on Thursday that stablecoins will enhance competition in the payment system, which is a good thing. Waller said at an event at the Federal Reserve Bank of Dallas that the rise of stablecoins will make many types of payments cheaper and faster. "As a free market capitalist economist, my goal is to reduce costs for households, consumers and businesses through competition in the payment field," Waller said. He also said that stablecoins may suppress demand for U.S. banknotes, but will enhance overall demand for the U.S. dollar.