On February 13th, according to Bloomberg, Federal Reserve Board Governor Waller said that stablecoins have the potential to maintain and expand the role of the US dollar internationally, although their success or failure will depend on solid business use cases and a unified regulatory framework. Waller stated in a speech at a conference in San Francisco: The stablecoin market will benefit from a US regulatory and supervisory framework focused on stablecoin risks, which should directly, comprehensively, and precisely address the risks of stablecoins. He said: This framework should allow banks and non-bank institutions to issue regulated stablecoins and should consider the impact of regulation on the payment sector. Waller also mentioned that stablecoins face the risk of a run. Waller stated: The emergence of stablecoin regulatory systems in different countries and regions may lead to regulatory conflicts domestically and internationally. He also pointed out: This regulatory fragmentation may make it difficult for issuers of US dollar stablecoins to operate globally. Waller mentioned that state regulatory agencies play a key role in the development of the stablecoin market, and several states are in the process of drafting or finalizing new regulations. There is a risk of interstate regulatory conflicts, which could hinder the use of the same stablecoin in all states, thereby reducing the scalability of stablecoins.