Federal Reserve Vice Chair for Supervision Michelle Bowman addressed the regulation of stablecoins at the Santander International Banking Conference in Madrid on November 8, 2025. Bowman stressed the importance of creating a level playing field for banks and nonbanks in the digital asset space, particularly concerning stablecoins, to encourage innovation while mitigating risks. Bowman highlighted the Federal Reserve's concerns about the potential impact of stablecoins on traditional banking deposits and overall financial stability. She also noted the regulatory challenges posed by the GENIUS Act, which prohibits interest payouts on stablecoins, potentially affecting deposit outflows and credit availability.