Federal Reserve Board Governor Michael Barr has called for stronger regulatory measures to ensure the safe operation of stablecoins, highlighting their potential benefits to the financial system. Barr emphasized the need for a comprehensive regulatory framework to protect consumers and businesses, citing the Genius Act's passage as a positive step but noting existing legislative gaps. He pointed out that stablecoins could enhance financial services by making remittances faster and cheaper and improving global trade efficiency. However, Barr stressed that significant regulatory work is required to bolster market confidence and prevent destabilizing events.