(Reuters) – U.S. Treasury Secretary Janet Yellen will meet with regulators next week to discuss “interagency work” on stablecoins, a rapidly growing class of digital currencies, Yellen announced on Friday.
On Monday, July 19, the President’s Working Group on Financial Markets (PWG) will meet with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to go over the benefits and risks of stablecoins, a form of cryptocurrencies that are pegged to more traditional assets, including fiat currencies such as the dollar.
“Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system,” Yellen said in a statement. “In light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for new authorities.”
(Reporting by Jonnelle Marte; Editing by Andrea Ricci)
