According to Odaily Planet Daily, Federal Reserve Board Governor Barr said that more specific regulatory measures are needed to ensure the safe operation of stablecoins. Barr said on Thursday: "For stablecoins to fully realize their potential, further protective mechanisms need to be established to protect the safety of families, businesses and the entire financial system." Barr, who once served as the Federal Reserve's Vice Chairman of Supervision, welcomed the passage of the Genius Act earlier this year. The bill established a regulatory framework for stablecoins, including the types of assets required to support their issuance. However, he also pointed out that regulators still need to fill legal loopholes to enhance market confidence in stablecoins and prevent businesses and consumers from being affected by "bank runs" or other destabilizing events. The Genius Act stipulates that stablecoins must be backed by highly liquid assets (such as U.S. Treasury bonds). (Jinshi)