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Stablecoin Surge Could Drive Interest Rates Near Zero

11/8/2025

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Summary

Story summary

Federal Reserve Governor Stephen Miran said widespread stablecoin adoption could lower short-term interest rates in New York at the BCVC Summit 2025.
He said stablecoins raise the net supply of loanable funds and may depress the neutral rate, R-star.
If R-star falls, the Federal Reserve may need to lower policy rates to sustain health.
Miran warned this environment could push rates toward near-zero levels, echoing 2008 crisis conditions.

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Story summary

Federal Reserve Governor Stephen Miran said widespread stablecoin adoption could lower short-term interest rates in New York at the BCVC Summit 2025.
He said stablecoins raise the net supply of loanable funds and may depress the neutral rate, R-star.
If R-star falls, the Federal Reserve may need to lower policy rates to sustain health.
Miran warned this environment could push rates toward near-zero levels, echoing 2008 crisis conditions.