The Federal Reserve Bank of Kansas City has included cryptocurrencies and stablecoins in the official agenda of the Jackson Hole symposium for the first time in 48 years of the event. The 49th symposium, running from August 27 to 29 in Wyoming, focuses on financial innovation and its impact on payments and monetary policy. Stablecoins now represent approximately $304 billion, nearly 1.7% of all US bank deposits, and issuers now hold more short-term US debt than Saudi Arabia according to the White House Council of Economic Advisers. Fed Chair Kevin Warsh will deliver the opening remarks Friday morning in a context where policy rates remain contested. The symposium will explore whether the institution that sets the price of money is willing to share that power with other issuers.
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