Fed Governor Waller publicly endorsed dollar-denominated stablecoins, stating that they can directly connect global liquidity demand to the U.S. Treasury market. This marks a rare official endorsement of stablecoins by a Fed official, effectively acknowledging their legitimate role within the U.S. dollar system. Stablecoins have shifted from being viewed as gray-area tools to recognized infrastructure within policy discussions, with the narrative around compliant dollar-backed stablecoins clearly gaining momentum. This is a long-term positive for leading assets like $USDC and $USDT, while putting pressure on smaller tokens that rely on regulatory arbitrage. $BTC $ETH