(Bloomberg) — Federal Reserve Governor Christopher Waller said the spread of stablecoins around the world could amplify the influence of US central-bank policy.

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“Countries that adopt it, it’s like a fixed exchange rate system,” Waller said Sunday at an event in Dubrovnik, Croatia. “You are going to import US monetary costs, so it’s broadening the reach of US monetary policy in countries that use more stablecoins.”

The comments echo previous remarks. In a speech in February 2025, Waller said he’s supportive of stablecoins because they’re likely to propagate the US dollar’s status as a reserve currency, though they need a clear set of rules and regulations.

Stablecoins are digital tokens intended to hold a steady value. Issuers typically promise to hold liquid assets, such as US dollars or Treasury bills, in equal value to tokens created.

Waller also attacked the idea of central bank digital currencies, saying there’s nothing that “requires a CBDC and only a CBDC to fix” and that it is a “solution in search of a problem.”

That’s why “almost every major central bank in the world has just stopped” pushing for CBDCs, Waller said. “They just can’t find a reason for this.”

Speaking on a panel chaired by incoming European Central Bank Vice President Boris Vujcic, Waller said that “only the ECB and the Chinese” are pursuing CBDCs.

“Two banks, and nobody in China uses the thing anyway — they like WhatsApp and Alipay, they don’t even use the stupid thing,” he said.

The ECB plans to roll out a digital version of the euro in 2029, following a pilot phase starting as early as next year. The project is aimed at securing monetary sovereignty amid concerns about Europe’s reliance on US payment firms like Visa and Mastercard, as well as the emergence of dollar-pegged stablecoins.

Vujcic highlighted that he needed to correct Waller: “There are 21 western central banks that have decided to go with the CBDC,” he said, referring to the number of euro-area countries.

European officials including Christine Lagarde have been critical of stablecoins. In a speech earlier this month, the ECB president in said that even euro-denominated version of such an instrument creates risks to financial stability and monetary-policy transmission.