Janet Yellen to hold regulators' meeting to discuss stablecoins' benefits, risks

Treasury Secretary Janet Yellen plans to call a meeting of the President's Working Group on Financial Markets together with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. to talk about interagency work on stablecoins, a kind of cryptocurrency pegged to traditional currencies.The group will meet on Monday, July 9."Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system," Yellen said in a statement.The President's Working Group will look at the current regulation of stablecoins, identify risks, and develop recommendations for addressing those risks.The meeting, therefore, could be a prelude to tighter regulations for the digital asset class. In addition to the Secretary of the Treasury, the PWG members are the chair Federal Reserve's Board of Governors (Jerome Powell), the chair of the Securities and Exchange Commission (Gary Gensler), and the