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Atlanta Fed Official Calls Stablecoins a New Payment Method

Atlanta Fed Official Calls Stablecoins a New Payment Method

HappyCoinNewsHappyCoinNews2025/02/25 03:33
By:HappyCoinNews

Chris Colson, an employee of the Federal Reserve Bank of Atlanta, who works in the bank's research department, came to the conclusion that stablecoins have become a new means of payment.

He was inspired to think so by data showing that retailers Regal Cinemas and Whole Foods, among others, are introducing payments in stablecoins, or cryptocurrencies tied to the US dollar.

He was particularly struck by figures showing that the total stablecoin market size had exceeded $230 billion, which is close to the annual GDP of Greece or New Zealand.

What struck him even more was the fact that stablecoins were no longer perceived solely as a tool for traders avoiding the volatility of cryptocurrencies.

As an experiment, Coulson and his colleague went to a movie theater and paid for tickets with stablecoins. To do this, they had to download an app, set up a crypto wallet, convert fiat into stablecoins, and explain to a puzzled cashier that the payment would be made in cryptocurrency.

It is obvious that stablecoins still have a long way to go, but this is absolutely normal, because people take a long time to get used to even convenient innovations.

The fact that high-ranking officials have started talking about the real use of cryptocurrencies and stablecoins in particular speaks to the steadily growing adoption.

EN @happycoinnews
EN @happycoinnews_en
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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