美联储理事米兰：稳定币快速扩张或拉低中性利率 促使联储更快降息

Core Viewpoint - The growth of stablecoins may significantly lower the "neutral interest rate" in the future, suggesting that the Federal Reserve's policy interest rates should be adjusted downward to avoid contractionary pressures on the economy [1] Group 1: Impact of Stablecoins - The expansion of stablecoins is expected to increase the net supply of lendable funds in the economy, applying downward pressure on the neutral interest rate [1] - If the neutral interest rate declines, the policy interest rate should also decrease to maintain economic health; refusal to lower rates would be considered a tightening action by the central bank [1] Group 2: Federal Reserve's Current Stance - Federal Reserve Governor Milan has called for multiple 50 basis point rate cuts to bring the policy rate closer to what he considers a "neutral" level [1] - Factors such as immigration policy adjustments and changes in tariff policies are contributing to the decline in the neutral interest rate, while the current policy rate is "far above neutral levels," imposing significant restrictions on the economy [1] Group 3: Stablecoin Regulations - Stablecoins are digital currencies pegged to sovereign currencies (usually the US dollar) and are designed to maintain stable value [1] - Recent US legislation requires stablecoin issuers to hold reserves in cash and cash equivalents (including US Treasury securities) at a 1:1 ratio, indicating that as stablecoin issuance grows, demand for US Treasuries will also increase [1]