CBDC will co-exist with stablecoins, but it will take at least 5 years to launch

Fed Vice President Lael Brainard of the US Federal Reserve said the Digital Dollar (CBDC) would take 5 years to launch, and it will co-exist with stablecoins.

CBDC – the central bank’s digital currency.

Federal Reserve Vice Chairman Lael Brainard has offered a reality check on those waiting for a digital dollar, saying that creating a central bank digital currency (CBDC) in the US will likely take up to 5 years.

Brainard says that a central bank digital currency (CBDC) could exist alongside stablecoins and provide a measure of safety. Brainard’s comments were part of their testimony before appearing before the House Financial Services Committee.

“I see the potential of the digital dollar as a complement to a more efficient, stable system of stablecoins and commercial bank money, so I see them having the potential to facilitate for private sector innovation,”

Brainard said

The Federal Reserve recently polled on the advisory capacity of establishing a CBDC. Wall Street bankers have expressed concern that a US CDBC could disrupt the banking system, while Circle, the issuer of the USDC stablecoin, said a federal stablecoin could disrupt its tokens Private area.

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