Stablecoins have emerged as the third-largest buyers of U.S. short-term securities, highlighting their growing role in the financial ecosystem. U.S. lawmakers are considering regulations to enhance the safety of stablecoins, aiming to facilitate their use in everyday payments and potentially assist in managing the national debt. Treasury officials have acknowledged the transformative potential of stablecoins. Meanwhile, Federal Reserve Governor Christopher Waller has emphasized that stablecoins function primarily as payment instruments and represent a new form of competition within the payments sector. Waller also noted that the Federal Reserve is actively exploring blockchain and artificial intelligence technologies in a cautious manner. However, he expressed skepticism towards central bank digital currencies (CBDCs), indicating he is not supportive of their adoption.