Fed's Powell Says Facebook's Libra Could Become Systemic Quickly

The transcript discusses the importance of openness and cost efficiency in systems, particularly in the context of Libra, a stable coin by Facebook. It highlights the potential systemic importance of Libra if widely adopted, necessitating high regulatory and supervisory standards. The conversation emphasizes that implementing such a system requires careful planning and risk management to protect the public from various risks, including cyber threats.

What does the speaker mean by a 'careful, thoughtful conversation' regarding stable coins?

How can we protect the public from risks associated with systemically important financial instruments?