Waller, Welcoming Remarks on the International Role of the U.S. Dollar

Welcoming remarks by Governor Waller on the international role of the U.S. Dollar - Federal Reserve Board Skip to main content An official website of the United States Government Here's how you know Official websites use .gov A .gov website belongs to an official government organization in the United States. Secure .gov websites use HTTPS A lock ( Lock Locked padlock icon ) or https:// means you've safely connected to the .gov website. Share sensitive information only on official, secure websites. Back to Home Board of Governors of the Federal Reserve System Stay Connected Federal Reserve Facebook Page Federal Reserve Instagram Page Federal Reserve YouTube Page Federal Reserve Flickr Page Federal Reserve LinkedIn Page Federal Reserve Threads Page Federal Reserve X Page Federal Reserve Bluesky Page Subscribe to RSS Subscribe to Email Recent Postings Calendar Publications Site Map A-Z index Careers FAQs Videos Contact Search Submit Search Button Advanced Toggle Dropdown Menu Board of Governors of the Federal Reserve System The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Main Menu Toggle Button Sections Search Toggle Button Search Search Submit Button Submit About the Fed Structure of the Federal Reserve System The Fed Explained Board Members Advisory Councils Federal Reserve Banks Federal Reserve Bank and Branch Directors Federal Reserve Act Currency Board Meetings Board Votes Careers Do Business with the Board Holidays Observed - K.8 Ethics & Values Contact Requesting Information (FOIA) FAQs Economic Education Fed Financial Statements Financial Innovation News & Events Press Releases Speeches & Testimony Calendar Videos Photo Gallery Conferences Monetary Policy Federal Open Market Committee About the FOMC Meeting calendars and information Transcripts and other historical materials FAQs Monetary Policy Principles and Practice Notes Policy Implementation Policy Normalization Policy Tools Reports Monetary Policy Report Beige Book Federal Reserve Balance Sheet Developments Review of Monetary Policy Strategy, Tools, and Communications Overview Supervision & Regulation Supervision Community Banks Regional Banks and Foreign Banks with U.S. Assets Large Banks and Large Foreign Banks Global Systemically Important Banks Financial Market Utilities Consumer Compliance Resources for Supervised Institutions Reports Federal Reserve Supervision and Regulation Report Reporting Forms Recent Reporting Form Updates Information Collections Under Review Financial Statements Securities Exchange Act of 1934 Applications/Structure Change FFIEC Municipal and Government Securities Activities Monitoring Micro Data Reference Manual Legal Developments Enforcement Actions and Legal Developments Mergers, Acquisitions, and Other Applications Process Filing Information Board and Reserve Bank Actions Supervision and Regulation Letters By Year By Topic Regulatory and Policy Resources Federal Reserve Act Bank Holding Company Act Regulations Supervision Manuals Federal Reserve Regulatory Service Disaster Preparedness and Recovery Resources Banking and Data Structure Beneficial Ownership Reports U.S. Domestically Chartered Commercial Banks Minority Depository Institutions U.S. Offices of Foreign Entities Financial Holding Companies Interstate Branching Securities Underwriting and Dealing Subsidiaries State Member Banks Supervised by the Federal Reserve Financial Stability Financial Stability Assessments About Financial Stability Types of Financial System Vulnerabilities & Risks Monitoring Risk Across the Financial System Proactive Monitoring of Markets & Institutions Financial Stability & Stress Testing Financial Stability Coordination & Actions Responding to Financial System Emergencies Cooperation on Financial Stability Reports Financial Stability Report Payment Systems Regulations & Statutes Regulation CC (Availability of Funds and Collection of Checks) Regulation II (Debit Card Interchange Fees and Routing) Regulation HH (Financial Market Utilities) Other Regulations and Statutes Payment Policies Federal Reserve's Key Policies for the Provision of Financial Services Guidelines for Evaluating Joint Account Requests Overnight Overdrafts Payment System Risk Sponsorship for Priority Telecommunication Services Reserve Bank Payment Services & Data Automated Clearinghouse Services Check Services Currency and Coin Services Daylight Overdrafts and Fees FedNow ® Service Fedwire Funds Services Fedwire Securities Services Fiscal Agency Services Master Account and Services Database National Settlement Service Financial Market Utilities & Infrastructures Supervision & Oversight of Financial Market Infrastructures Designated Financial Market Utilities International Standards for Financial Market Infrastructures Research, Reports, & Committees Federal Reserve Payments Study (FRPS) Payments Research Reports Payments System Policy Advisory Committee Economic Research Meet the Researchers Working Papers and Notes Finance and Economics Discussion Series (FEDS) FEDS Notes International Finance Discussion Papers (IFDP) Data, Models and Tools Economic Research Data FRB/US Model Estimated Dynamic Optimization (EDO) Model Survey of Consumer Finances (SCF) Data Data Download Program Bank Assets and Liabilities Aggregate Reserves of Depository Institutions and the Monetary Base - H.3 Assets and Liabilities of Commercial Banks in the U.S. - H.8 Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks Senior Financial Officer Survey Senior Loan Officer Opinion Survey on Bank Lending Practices Bank Structure Data U.S. Domestically Chartered Commercial Banks Minority Depository Institutions Structure and Share Data for the U.S. Offices of Foreign Banks Business Finance Commercial Paper Finance Companies - G.20 New Security Issues, State and Local Governments New Security Issues, U.S. Corporations Dealer Financing Terms Senior Credit Officer Opinion Survey on Dealer Financing Terms Exchange Rates and International Data Foreign Exchange Rates - H.10/G.5 International Summary Statistics Securities Holdings and Transactions Statistics Reported by Banks and Other Financial Firms in the United States Structure and Share Data for U.S. Offices of Foreign Banks Financial Accounts Financial Accounts of the United States - Z.1 Household Finance Consumer Credit - G.19 Household Debt Service Ratios Mortgage Debt Outstanding Survey of Consumer Finances (SCF) Survey of Household Economics and Decisionmaking Industrial Activity Industrial Production and Capacity Utilization - G.17 Interest Rates Selected Interest Rates - H.15 Micro Data Reference Manual (MDRM) Micro and Macro Data Collections Money Stock and Reserve Balances Factors Affecting Reserve Balances - H.4.1 Money Stock Measures - H.6 Other Yield Curve Models and Data Consumers & Communities Regulations Community Reinvestment Act (CRA) All Regulations Supervision & Enforcement CA Letters Enforcement Actions Independent Foreclosure Review Community Development Housing and Neighborhood Revitalization Small Business and Entrepreneurship Employment and Workforce Development Community Development Finance Rural Community and Economic Development Conferences Research & Analysis Survey of Household Economics and Decisionmaking Research Publications & Data Analysis Community Advisory Council Resources for Consumers Frauds and Scams Mortgage and Foreclosure Resources Federal Reserve Community Development Resources Home News & Events Speeches Speech PDF June 22, 2026 Welcoming Remarks on the International Role of the U.S. Dollar Governor Christopher J. Waller At the Fifth Conference on the International Roles of the Dollar, Board of Governors of the Federal Reserve System, Washington, D.C. Share Watch Live Thank you, Beth Anne, and I would like to welcome everyone to the fifth installment of this Conference on the International Roles of the U.S. Dollar. 1 Over the years, this gathering has aimed to bring together different perspectives to better understand the forces shaping the dollar's central role in the global financial system. Last year's conference, for instance, focused on global investor allocation to U.S. safe assets and their liquidity in a time of geopolitical and technological change. This year, we are here to discuss the implications of financial innovations, especially digital assets such as stablecoins, for the international roles of the U.S. dollar. One striking feature of these discussions has been how rapidly the underlying questions have evolved since the first conference in the series. While the traditional drivers of the central role of the U.S. dollar in the global monetary system—from the size, strength, and depth of the U.S. economy and financial markets to trust in U.S. institutions and rule of law—remain critically important today, the environment around these drivers is changing rapidly. Technological innovation is increasingly altering how households and businesses interact with dollars, whether it is through holding new types of assets or through changes to the payment rails by which dollar-denominated assets are transferred, intermediated, and settled. Distributed ledger technologies and tokenized assets, such as stablecoins, are creating new channels for global dollar intermediation that operate alongside, or sometimes in conjunction with, traditional banking and payment systems. As a result, the dollar's international role is also evolving. The private sector is moving rapidly to expand access to dollar-denominated assets, innovate in new financial services, and explore potential business opportunities that perhaps did not make sense with legacy technologies. In doing so, there will be complements to the traditional financial sector, but there will also be areas of competition. As an economist, I believe that is a good thing—more competition generally leads to better outcomes for both consumers and society as a whole. The papers presented at this year's conference collectively highlight how broad and multidimensional the integration of new technologies into the global financial architecture has become. Let me briefly outline the key research themes you will encounter over the next two days. A set of papers examines the transformation of payment systems and foreign exchange markets through stablecoins and blockchain-based financial infrastructure, documenting the rapid growth of stablecoin-based transactions, decentralized foreign exchange trading, and alternative cross-border payment rails. Other papers study spillovers from stablecoin adoption into broader financial markets. These papers test whether stablecoin flows can affect exchange rates, dollar funding conditions, covered interest parity deviations, and cross-border capital movements. A major theme of the conference concerns the relationship between stablecoins and U.S. safe assets. Some papers explore how dollar-backed stablecoins may create a new channel linking global liquidity demand directly to U.S. Treasury markets. Finally, a couple of papers revisit classic international finance questions through the lens of digital innovation, asking whether stablecoins may reinforce the dollar's global role by extending access to dollar-denominated instruments worldwide or whether they may introduce new tensions into the international monetary system by changing the nature of financial intermediation, safe asset demand, and cross-border capital flows. We are very fortunate to have an outstanding set of papers and participants helping us think through these issues over the next two days. I would like to thank all the participants for contributing to this conference and to this broader research agenda. Thank you all again for joining us, and I hope you enjoy the conference. 1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text Last Update: June 22, 2026 Back to Top Board of Governors of the Federal Reserve System About the Fed News & Events Monetary Policy Supervision & Regulation Financial Stability Payment Systems Economic Research Data Consumers & Communities Connect with the Board Tools and Information Contact Publications Freedom of Information (FOIA) Office of Inspector General Budget & Performance | Audit No FEAR Act Español Website Policies | Privacy Program Accessibility Stay Connected Federal Reserve Facebook Page Federal Reserve Instagram Page Federal Reserve YouTube Page Federal Reserve Flickr Page Federal Reserve LinkedIn Page Federal Reserve Threads Page Link to Federal Reserve X Page Link to Federal Reserve Bluesky Page Subscribe to RSS Subscribe to Email Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

Nøglefraser.

Fuld tekst.