U.S. CBDC could preserve U.S. dollar's standing, Jerome Powell says

"A U.S. CBDC could potentially help maintain the dollar's international standing," Federal Reserve Chair Jerome Powell said in his opening remarks at the Inaugural Conference of the International Roles of the U.S. Dollar. In the light of the growth in crypto assets and stablecoins, "Federal Reserve is examining whether a U.S. central bank digital currency (OTC:CBDC) would improve on an already safe and efficient domestic payments system," he said. Overall, the dollar's international role holds many benefits, he said. "For the United States, it lowers transaction fees and borrowing costs for U.S. households, businesses, and the government. Its ubiquity helps contain uncertainty and, relatedly, the cost of hedging for domestic households and businesses." The U.S. Dollar Index, is rising 0.9% Friday morning. See Powell's comments on the economy and monetary policy from his press conference held on Wednesday