Federal Reserve Governor Christopher Waller has called for embracing the "technology-driven revolution" occurring in artificial intelligence and stablecoin sectors, believing it will help drive U.S. economic development, despite skepticism from some critics regarding the related enthusiasm.

"While today's technology may be new, using innovative technology to build new payment services is nothing new," Waller stated in remarks prepared for a Wyoming blockchain symposium.

Waller has previously expressed support for certain aspects of decentralized finance (DeFi) — including the technology supporting virtual currencies — as a complement to traditional payment systems. He noted that distributed ledger technology provides more efficient and faster ways to track asset transfers.

He emphasized on Wednesday that if the private sector collaborates with the Federal Reserve, the impact of decentralized finance in the payments sector could yield positive results.

"Just because all this happens in the decentralized finance or DeFi world doesn't make it scary — it's simply new technology for transferring assets and recording transactions," Waller said, adding that both public and private sectors can embrace innovation within their respective roles.