Fed Governor Miran Highlights Stablecoin Advantages in Fox Business Discussion

This analysis is based on a December 19, 2025, Fox Business ‘Making Money’ segment [6] where Federal Reserve Governor Stephen Miran discussed stablecoins, highlighting a “powerful advantage” associated with them. Due to the event’s recency, full transcript details are unavailable, but insights can be contextualized using Miran’s prior public comments and market data.

On November 7, 2025, Miran argued at the BCVC Summit that widespread stablecoin adoption could structurally lower U.S. interest rates by increasing the supply of loanable funds, drawing parallels to the 2000s global saving glut [1][2]. He estimated this could reduce the Fed’s benchmark rate by 0.4 percentage points, framing stablecoins as a “multitrillion-dollar elephant in the room” for central bankers [1].

As of the event date, major stablecoins USD Coin (USDC) and Tether (USDT) traded at near parity with the U.S. dollar ($0.9994 and $0.9985–$0.9994 respectively) [0], while Bitcoin (BTC) declined 0.68% to $86,870 – a movement likely unrelated to the remarks [0].

Miran’s focus on stablecoin advantages aligns with broader Fed engagement: Governor Christopher Waller previously noted stablecoins could support the U.S. dollar’s reserve status with clear regulatory oversight [3]. Additionally, 2025 saw progress in U.S. stablecoin regulation, establishing a clearer pathway for issuers [2], which contextualizes Miran’s comments as part of ongoing policy evolution.

1. Monetary Policy Linkage
   : Miran’s stablecoin analysis is integrated with his broader advocacy for aggressive rate cuts (a position held since joining the Fed in early 2025 [2]), as he believes stablecoins can structurally lower interest rates. This creates a cross-domain connection between cryptocurrency markets and U.S. monetary policy frameworks.

2. Regulatory Maturing
   : The 2025 U.S. regulatory progress for stablecoins has likely enabled Fed officials like Miran to shift focus from purely addressing risks to exploring potential benefits, indicating a maturing policy approach.

3. Long-Term Sentiment Impact
   : While stablecoins’ near-term price stability (maintaining USD parity) suggests limited immediate market reaction, Miran’s comments could influence long-term industry sentiment and regulatory priorities, particularly around their role in monetary policy transmission.

• Payment System Benefits
  : Stablecoins could enhance payment efficiency, reduce cross-border transaction costs, and improve financial inclusion for unbanked populations, aligning with Miran’s framework [1].
• Interest Rate Implications
  : If Miran’s theory holds, stablecoin adoption could lower borrowing costs for businesses and consumers, supporting economic growth.
• Industry Sentiment Boost
  : The remarks may encourage innovation in the stablecoin space by signaling growing Fed recognition of the asset class.

• Unconfirmed Details
  : The exact “powerful advantage” Miran referenced remains unconfirmed due to the lack of a full transcript, creating uncertainty about the specific focus of his remarks [6].
• Regulatory Uncertainty
  : While 2025 saw progress, a fully mature stablecoin regulatory framework is still evolving, which could impact long-term adoption.
• Systemic Risks
  : Liquidity and counterparty risks associated with stablecoins are not explicitly addressed in the available comments, requiring ongoing monitoring.

This analysis synthesizes the Fox Business segment with Miran’s prior remarks and market data:

• Miran has linked widespread stablecoin adoption to a 0.4 percentage point reduction in the Fed’s benchmark rate [1].
• Major stablecoins (USDC, USDT) maintain near USD parity, with no immediate significant market reaction to the comments [0].
• The remarks occur amid 2025 U.S. stablecoin regulatory progress and broader Fed engagement with the asset class [2][3].
• Information gaps include the exact details of Miran’s “powerful advantage” claim and immediate short-term market reactions.