New York Fed President John Williams is out with some comments on stablecoins and crypto:Stablecoins are more about payments as opposed to stores of valueDoesn't see rising financial stability risks from stablecoinsDoesn't know yet how stablecoins will impact demand for reservesFed's ample reserves system is designed to be flexible, can respond to stablecoin impactOnce again, Tether is one of the all-time great busienss models. You hold billions in US dollars, put them into Treasuries and collect the coupons while paying out zero per cent in interest. It's risk free and infinitely scaleable. Everyone is now after that same sort of thing in every currency around the world.Meanwhile, bitcoin is holding its ground around $60K despite Strategy's Michael Saylor selling and really gumming the whole thing up. Itw as last up $722 to $62.769. This article was written by flc97fe4880a4b454993821fe0b770a597 at investinglive.com.