August 7, 2020, 12:48AM EDT
• 5 min read
The Interchange: Could Fed insecurities push FedNow to beat digital dollars to the punch?
- The Fed is behind the ball on real-time payments solutions relative to other advanced economies
- The door is still open in the U.S. for stablecoins and so-called digital dollars to offer improved payment capabilities, but that assumes ubiquitous real-time payments isn’t already readily available
- Originally slated for a 2023/2024 roll-out, Fed Governor Brainard announced FedNow will now have a phased approach that will bring a “core set of features to the market expeditiously “