Kansas City Fed President Jeff Schmid stated in an interview ahead of the Jackson Hole Economic Symposium that innovations such as stablecoins, blockchain, and instant payments will bring "highly disruptive" changes. He noted that instant settlement of payments could affect liquidity and alter the nature of asset-backed instruments. Schmid specifically mentioned that as the stablecoin market grows, demand for short-term US Treasury bonds as reserves may increase, which could have implications for financial stability. Citing the collapse of Silicon Valley Bank in March 2023, he emphasized that instant payments could rapidly trigger liquidity crises, calling on regulators to prepare for this.