Statement of CFPB Director Chopra on Stablecoin Report
CFPB Director Rohit Chopra released a statement today regarding the Report on Stablecoins issued by the President’s Working Group on Financial Markets, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation.
Statement of CFPB Director Rohit Chopra
The United States must do more to nurture a fast, safe, and competitive payments system. New technologies can help to advance this goal, which would yield enormous benefits for consumers, workers, and small businesses.
Today’s report examines stablecoins. Stablecoins are digital assets that are typically pegged to a sovereign currency. Over the last year, stablecoins pegged to the U.S. dollar increased by nearly 500% to $128 billion outstanding. The report highlights how stablecoins could be vulnerable to runs and fire-sales in ways that could create stress on the broader financial system absent adequate oversight.
The Consumer Financial Protection Bureau was not a member of the working group that prepared this report. However, the agency will be taking several steps related to this market.
Related: CFPB'S Chopra: Stablecoins May 'Create Stress' on US Financial System Without 'Oversight'
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