TechFlow news on June 26 — Boston Federal Reserve President Eric Rosengren said that Tether's USDT stablecoin poses risks to the stability of the financial system, listing it among the "financial stability challenges" being monitored by the U.S. central bank. Rosengren stated: "Stablecoins are a potential source of future financial stability risks. Liquidity issues in money market funds were a key feature of the financial crisis, and some stablecoins share similar problems with major money market funds. As stablecoins become a larger part of financial markets, they could potentially trigger a crisis in the future—this is a concern for financial stability. Many stablecoins are actually not stable. There is strong synergy between central bank digital currencies and the FedNow real-time payment system. There is still much work to be done regarding central bank digital currencies, but significant progress is being made."
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