David Malpass calls stablecoins a global game-changer and says the U.S. should lead in innovation.
Stablecoins are quickly becoming a battleground for global economic and geopolitical influence. On Wednesday, Oct. 22, at ACI’s Payments Unleashed Summit, David Malpass, former president of the World Bank, urged the U.S. to take stablecoins seriously. Europe and China, he warned, are already moving fast.
According to Malpass, stablecoins could help expand both domestic and international trade for the U.S. However, this hinges on clear regulations that ensure customers and partners can trust stablecoin issuers.
Malpass highlighted Federal Reserve Governor Christopher Waller’s proposal to give stablecoin firms and fintechs access to the Fed’s payment rails. These “skinny master accounts,” as Waller called them, would reduce their reliance on banking middlemen. According to Malpass, this change could help the U.S. take the lead in stablecoins.
Malpass, formerly an outspoken critic of the World Bank, became its president in 2019, after receiving a nomination from President Donald Trump. He was also rumored to be a potential candidate to replace Jerome Powell as the head of the Federal Reserve.

