Reflecting on a period marked by high-profile fraud cases, Powell noted that while the Fed collaborated with lawmakers to establish rules for stablecoins, those efforts have yet to result in concrete legislation.

Still, he acknowledged that digital assets are gaining mainstream traction and said stablecoins, in particular, have demonstrated broad consumer interest.

Powell called for structured oversight of these instruments, arguing that without appropriate regulation, consumer protection could be at risk.

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He also hinted that while the Fed has maintained strict boundaries for banks involved in digital assets, some of those restrictions could be eased in the future.

Even so, Powell emphasized that any regulatory shifts would be carefully measured to ensure that financial stability and consumer safety remain a top priority.

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