The Interchange: Could Fed insecurities push FedNow to beat digital dollars to the punch?

Quick Take

  • 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 “

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