This development would be a natural evolution of the complementarity between the public and private sectors in payments, ensuring strong public trust in the one-for-one redeemability of commercial bank money and stablecoins for safe central bank money.
During the months between my nomination and swearing-in to the Board, I read numerous articles and talked with many monetary policy authorities. A common theme during that time of preparation concerned monetary policy's limitations. In his Come with Me to the FOMC article, Larry Meyer wrote eloquently on this very point. I will try to make the same point.