Federal Reserve Governor Christopher Waller has emphasized that stablecoins have the potential to “maintain and extend” the US dollar’s international role.

He joins a growing list of crypto executives who have expressed optimism about stablecoin’s potential to drive a financial market boom.

Stablecoins’ Rising Market Capitalization

At a conference in San Francisco, Waller highlighted the need for a comprehensive US regulatory framework. Specifically, he wants risks associated with stablecoins addressed while ensuring they remain a strong part of the financial system.

“The stablecoin market would benefit from a US regulatory and supervisory framework that addresses stablecoin risks directly, fully, and narrowly,” Bloomberg reported, citing Waller.

He added that the framework should allow banks and non-banks to issue regulated stablecoins, with clear guidelines on compliance and reserve requirements.

The stablecoin market has been upward, reaching a new high of $224.5 billion in February. This growth reflects stablecoins’ increasing significance in the digital economy and highlights their role in expanding the reach of the US dollar beyond traditional financial (TradFi) institutions.

However, Waller noted that stablecoins are still vulnerable to liquidity and run risks, highlighting the importance of stringent oversight.

Stablecoins are digital assets designed to maintain a steady value, often pegged to a specific currency such as the US dollar. Their issuers typically hold reserves in liquid assets like cash or US Treasury bills to back the tokens, ensuring stability.

While their use cases have expanded significantly, Waller cautioned that fragmented regulations at the state and international levels could hinder their global scalability.

“The emergence of different global stablecoin regulatory regimes creates the potential for conflicting regulation domestically and internationally. This regulatory fragmentation could make it difficult for US dollar stablecoin issuers to operate at a global scale,” Waller noted.

Calls for Stablecoin Regulation Gain Momentum

State regulators have also played an essential role in shaping stablecoin policies, with several states already implementing or finalizing new laws. Senator Bill Hagerty recently introduced the GENIUS Act. As BeInCrypto reported, the bill created a regulatory framework for payment stablecoins and enhanced US dollar dominance.

“My legislation establishes a safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto,” he stated.

The proposed bill includes provisions requiring stablecoin issuers to maintain one-to-one reserves and comply with anti-money laundering laws. The House Financial Services Committee has also released a discussion draft of a bill aiming to provide more regulatory clarity.

However, conflicting state regulations could limit the widespread use of certain stablecoins across different jurisdictions.

As regulatory discussions continue at the state level, key figures in the crypto industry have weighed in on the role of stablecoins in the broader financial space. Trump’s crypto Czar, David Sacks, recently hosted a press conference where stablecoins were a focal point. He emphasized their potential to revolutionize global payments and financial inclusion.

“Stablecoins could potentially generate trillions of dollars’ worth of demands for US treasuries, which could lower long-term interest rates,” Sacks said.

Meanwhile, Circle’s Chief Business Officer Kash Razzaghi highlighted the transformative impact of stablecoins on high-inflation economies. Speaking to BeInCrypto, Razzaghi said stablecoins provide a reliable alternative for individuals and businesses in countries where traditional fiat currencies suffer from volatility and depreciation.

The growing relevance of stablecoins has also caught the attention of major crypto industry leaders. Binance CEO Richard Teng recently predicted a major crypto boom in 2025, with stablecoins playing a pivotal role in driving adoption and liquidity within the sector.

Similarly, Hashed CEO Simon Kim echoed these sentiments, stating that stablecoins will drive crypto growth in the coming years.

“Stablecoins represent a significant opportunity for US dollar dominance. While the US dollar accounts for a limited share of global currency reserves, it dominates nearly 99% of the stablecoin market. This essentially expands USD territory in the digital space. From the US perspective, there’s no reason to resist this trend — private companies are effectively expanding dollar dominance in digital spaces without government intervention,” Kim told BeInCrypto.

With increasing institutional interest and mounting regulatory discussions, the future of stablecoins appears poised for expansion. However, their potential to extend the international role of the US dollar largely depends on implementing a balanced and effective regulatory framework.  

Changpeng Zhao (CZ), co-founder and former CEO of Binance, has sparked speculation about launching a meme coin inspired by his pet dog. 

This followed his exchange with the crypto community on X (formerly Twitter). However, he did not explicitly endorse any specific projects.

Will CZ Launch A Meme Coin?

The discussion began when an X user asked CZ if he owned a dog. He responded affirmatively, revealing that he has a Belgian Malinois—not a Shiba Inu. This revelation triggered a flood of requests from users eager to see a picture of the dog and learn its name, likely to create a meme coin.

CZ responded to one of the requests and asked for clarification on how the process works.

“Honest newbie question. How does this work? I share my dog’s name and picture, and then people create meme coins? How do you know which one is “official”? or does that even matter?,” CZ asked.

Following responses from the community, CZ acknowledged the mechanics of the trend. He stated he would consider it.

“Will mull it over for a day or so, as usual for big decisions. Respect his privacy, or dox the dog for the cause?” the post read.

Additionally, he hinted at the potential interaction of this token with some of the meme coins on the BNB Chain.

Although CZ has yet to share anything, several meme coins have already been created. In fact, one of these tokens, Binance Dog (CZDOG), surged by 109%. Furthermore, the meme coin’s market capitalization reached $8.0 billion just five hours after its launch.

While CZ has not been a vocal supporter of meme coins, he now appears to be capitalizing on the trend.

“I am not against memes, but meme coins are getting “a little” weird now. Let’s build real applications using blockchain,” CZ posted in November 2024.

Earlier this week, he reiterated that he has never purchased any meme coins, clarifying that his stance does not equate to the opposition.

His comments came after a token, TST, surged following its mention in a BNB team’s educational video. However, the former CEO clarified that TST was not an official BNB Chain token.

This latest development aligns with CZ’s broader push to promote the BNB ecosystem. His recent tweets have frequently referenced BNB Chain. 

This had a significantly positive impact. As reported earlier by BeInCrypto, BNB’s market cap increase led to it surpassing Solana (SOL). The platform has also seen a surge in meme coin activity, with over 12,000 tokens launched in one day.

Ethereum price is moving higher above the $2,600 zone. ETH might gain bullish momentum if it clears the $2,800 resistance zone.

• Ethereum started a fresh increase above the $2,650 resistance level.
• The price is trading above $2,680 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $2,680 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a decent upward move if it settles above $2,780 and $2,800.

Ethereum Price Eyes More Gains

Ethereum price remained supported above the $2,500 level, like Bitcoin. ETH formed a base and recently started a fresh increase above the $2,600 and $2,620 resistance levels.

There was a break above a key bearish trend line with resistance at $2,680 on the hourly chart of ETH/USD. The bulls pumped the pair above the $2,700 level. It traded as high as $2,794 before there was a minor pullback. The price dipped below the $2,750 level.

There was a move below the 23.6% Fib retracement level of the upward wave from the $2,550 swing low to the $2,794 high. Ethereum price is now trading above $2,680 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $2,750 level. The first major resistance is near the $2,780 level. The main resistance is now forming near $2,800 or $2,820. A clear move above the $2,820 resistance might send the price toward the $2,920 resistance.

An upside break above the $2,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone or even $3,050 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,780 resistance, it could start another decline. Initial support on the downside is near the $2,675 level or the 50% Fib retracement level of the upward wave from the $2,550 swing low to the $2,794 high. The first major support sits near the $2,640 zone.

A clear move below the $2,640 support might push the price toward the $2,600 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,440.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,675

Major Resistance Level – $2,780