US, UK Central Bank Officials Diverge on Stablecoins’ Future

Stablecoins are typically backed by assets such as the US dollar and used for onchain payments and cross-border transfers, while tokenized deposits are digital versions of commercial bank deposits. The contest between the two could shape the dollar’s influence, competition in payments and whether funds remain within the regulated banking system.

On May 31, 2026, Federal Reserve Governor Christopher Waller told the 32nd Dubrovnik Economic Conference that dollar stablecoins could allow countries using them to adopt US monetary conditions. Bank of England Monetary Policy Committee member Megan Greene, by contrast, predicted that tokenized deposits could replace stablecoins within five years.