PANews reported on August 21st that the Federal Reserve released the minutes of its July meeting, which noted that many participants discussed recent and future developments related to payment stablecoins and their potential impact on the financial system. Participants noted that the recent passage of the GENIUS Act (United States Stablecoin Guidance and National Innovation Act) could increase the use of payment stablecoins. They stated that payment stablecoins could help improve the efficiency of the payment system and observed that such stablecoins could increase demand for the assets that back them, including U.S. Treasury bonds. Furthermore, participants expressed concern that stablecoins could have broader implications for the banking and financial systems, as well as for the implementation of monetary policy, worthy of close attention, including monitoring the various assets used to back them.

Federal Reserve meeting minutes show that officials are closely monitoring the growth of stablecoins and their associated risks after the passage of the Genius Act.

According to statistics from the financial blog Zero Hedge, stablecoins were mentioned 8 times in the minutes of this Federal Reserve meeting.