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U.S. Consensus Forming on Stablecoin Oversight, Treasury’s Liang Says

  • Treasury undersecretary involved in discussions with Congress
  • Liang touts security advantages of coming FedNow system
Nellie Liang
Nellie LiangPhotographer: Win McNamee/Getty Images/Bloomberg

A top U.S. Treasury official said the Biden administration and members of Congress are making progress toward crafting guardrails for fast-growing stablecoins, which U.S. officials have warned could pose systemic dangers.

The Treasury is working with Congress on various proposals, according to Nellie Liang, the department’s undersecretary for domestic finance. There’s “broad agreement” that risks posed by stablecoins need to be addressed -- especially given the growth of the market, she said.