(Bloomberg) -- Federal Reserve Governor Christopher Waller said the US dollar is likely to keep its preeminent status globally despite recent threats from cryptocurrencies, the rise of the euro and China’s promotion of its own yuan.

“I do not expect to see the US dollar lose its status as the world’s reserve currency anytime soon,” Waller said in a speech Thursday at the University of the Bahamas. “Recent developments that some have warned could threaten that status have, if anything, strengthened it, at least so far.”

Waller didn’t comment on monetary policy in his prepared remarks. His one mention of inflation was to note that countries with high domestic inflation have sometimes adopted “dollarization,” or use of the dollar as a substitute for the local currency.

“People often conjecture that cryptocurrencies like Bitcoin may replace the US dollar as the world’s reserve currency,” Waller said. “But most trading in decentralized finance involve trades using stablecoins, which link their value one-for-one to the US dollar.”

As for China, Waller was skeptical the yuan would challenge the US dollar’s dominance globally.

“Several factors currently weigh against the renminbi as an attractive asset for international investors: It is not freely exchangeable, the Chinese capital account is not open, and investor confidence in Chinese institutions is relatively low,” he said, referring to the yuan. 

The focus of the conference centered on climate, currency and central banking.

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