FedNow
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The ambitious effort by the Federal Reserve has been in the works since 2019, and the lag has given stablecoins a lot of room to run
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Stablecoins offer global financial access and on-chain transactions without limitations, while FedNow falls short in terms of utility, global reach and inclusivity
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The US is long overdue for a faster payments system, and FedNow is the solution
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The FedNow program shows that most of the benefits of CBDCs are being achieved through other technologies, Bowman said
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US politicians are warning of potential Fed overreach in the form of a CBDC, although there’s no formal proposal for one just yet
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A mix of small and large financial institutions have declared intent to start using the FedNow service
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