Fed meeting minutes: stablecoins may have widespread impact and are worth following.

[Fed Meeting Minutes: Stablecoins May Have Wide-ranging Impact, Worthy of Close Follow] The Fed released the minutes from the July meeting, which mentioned that many participants discussed recent and future developments related to payment stablecoins and their potential impact on the financial system. These participants noted that with the recent passage of the GENIUS Act (the U.S. Stablecoin Regulatory and Innovation Act), the use of payment stablecoins may increase. They stated that payment stablecoins help improve the efficiency of payment systems and observed that such stablecoins may increase the demand for the underlying support assets, including U.S. Treasuries. Additionally, the participants expressed concerns that stablecoins could have a broader impact on banks and the financial system, as well as the implementation of monetary policy, and therefore warrant close follow, including monitoring the various assets used to support stablecoins.