Executives and experts discussed the impact of payment stablecoins, blockchain, and digital innovations on global money movement during a House Financial Services Committee hearing on March 11. They emphasized that the private sector, rather than a central bank digital currency (CBDC), will drive the expansion of digital dollar services. Chairman Rep. French Hill (R-Ark. ) noted that the adoption of stablecoins is modernizing the payments landscape and reinforcing the U. S. dollar’s role in global trade. He argued that a well-regulated stablecoin market could enhance financial access but warned that a CBDC could create competition with private sector initiatives. In contrast, ranking member Rep.

Maxine Waters (D-Calif. ) expressed concerns about legislative efforts to limit regulatory oversight over digital payment apps and argued that resisting CBDC exploration could undermine American competitiveness in the digital currency domain. Caroline Butler, BNY's head of digital assets, stated that blockchain enables faster and smarter money transfers and called for federal legislation to provide regulatory clarity for stablecoins. Similarly, Paxos CEO Charles Cascarilla argued that stablecoins are essential for modernizing the U. S. financial system and preserving the dollar's global standing, emphasizing their advantages as secure, programmable money. Stripe CEO Patrick Collison highlighted the tangible benefits of stablecoins for businesses, aiding treasury management and international transactions. He proposed a federal payments charter to create a cohesive regulatory framework, enhancing access to the Fed’s payment system while maintaining state-level regulations. Attendees also acknowledged the need for robust anti-money laundering protections and regulatory frameworks that address cybersecurity risks associated with new payment technologies. Overall, the hearing underscored the importance of both innovation and regulation in the evolving financial ecosystem.