Fed Vice Chair Brainard says CBDC could coexist with stable coins

• Brainard added that setting up such a system could take five years

US Federal Reserve Vice Chair Lael Brainard said that a central bank digital currency (CBDC) could exist alongside stablecoins and provide a measure of safety, in the digital financial ecosystem.

Brainard’s comments were a part of a written testimony submitted before appearing in front of the House Financial Services Committee’s virtual hearing, ‘On the benefits and risks of a US CBDC’, on Thursday.