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Fed researchers Kristen Payne and Mary-Frances Styczynski published the staff note New Forms of Money and the U.S. Monetary Aggregates on the 5th (Korea time), grouping tokenized deposits, tokenized money market funds and payment stablecoins as new monetary assets and proposing a framework for folding them into M1 or M2, while warning that reserve assets and circulating tokens can count the same dollar twice. Statistical recognition matters because stablecoin reserves sit largely in short-dated Treasuries and bank deposits, so any formal inclusion would link token supply growth directly to measured money-supply and short-end liquidity readings, and would strengthen the institutional legitimacy underpinning USDC and USDT-based flows that support crypto market depth. This is independent research, not a policy decision, so the confirmation condition is whether the Fed's statistical releases actually move to revise aggregate definitions or reporting; until then the read is regulatory-framing support for stablecoin issuers and exchange-linked equities such as Coinbase rather than a near-term liquidity event.
As a Research signal, watch whether it changes price action, volatility, or flows around COIN, ETH, BTC.
Original Source: 토큰포스트
This page is market information analysis, not investment advice.
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