Fed governor Waller says US CBDC would not enhance things the world loves about US fiat

cointelegraph.com:

A United States central bank digital currency (CBDC) would not enhance the qualities of the U.S. fiat dollar that foreign companies value most, U.S. Federal Reserve Board governor Christopher Waller in a speech released Oct. 14. CBDC skeptic Waller took a look at the question through the lens of national security at a symposium held at Harvard University. Waller had a more favorable view of dollar-backed stablecoin.

The role of the U.S. dollar worldwide is an area where economics, CBDCs, and national security dovetail, Waller said. The indisputable primacy of the U.S. dollar in the world brings benefits to the United States and the other countries where the dollar plays a role in their economies or as a reserve currency.

Just in: New speech Fed Gov. Christopher Waller - The U.S. Dollar and Central Bank Digital Currencies#CBDC #communitybanks #payments #stablecoins #centralbank https://t.co/MgpbBUw3j7 via @FederalReserve pic.twitter.com/wao6tEwL2n

This primacy is not due to technological factors, and so the introduction of a U.S. CBDC would not impact the reasons for that primacy, Waller argued. He expressed doubt that “the purported shifting payments landscape as a result of the growth of digital assets, particularly CBDCs” is a threat to the U.S. dollar’s status in the world making settlements or storing value, although foreign CBDCs might make gains against the dollar as a medium of transaction.

On the home front:

This contrasts with the role of stablecoin, in Waller’s view. He dismissed suggestions that stablecoins could threaten the effectiveness of economic policy with the simple statement “I don’t believe that to be the case.” Noting that “nearly all major stablecoins” are dollar denominated, Waller concluded, “U.S.