The Weekly Peg: Making seigniorage great again
Academics warn stablecoins will shift seigniorage from governments to private firms, plus banks get the go-ahead to hold crypto to fund gas fees for token operations.
The coming Substack reckoning
Why seigniorage, potentially stablecoin-derived, offers the most credible path to financing neutral public-interest journalism in the algorithmic age.
The Weekly Peg: An academical deluge
Eichengreen, Cecchetti, Garratt, Portes, Andolfatto, Uhlig, Wu all talk stablecoins.
The Weekly Peg: If the mountain won’t come to JPM, let JPM come to the mountain
As tokenized deposits rain on the stablecoin parade, the fintech life cycle nears completion. Fragmentation is becoming unsustainable. Plus, yen stablecoins come to the rescue of Takaichi.
Chart of the day: What are stablecoins really made of?
Flagging one of the most interesting charts from CEPR’s latest Frontiers of Digital Finance report.
Stablecoin meet-up in London?
Dear Subscribers. Those of you who were around in the early days of crypto will remember how dynamic the London scene was in terms of crypto-themed debates, panels, and meet-ups. These weren’t the mega Token 2049 conferences we are familiar with now. They were small. Intimate. Dynamic. What they lacked in size, they made up […]
The most powerful US financial tool you’ve never heard of
Its opaque past, its contested present, and its high-stakes role in Argentina’s future. Welcome to the story of the Exchange Stabilization Fund.
The BoE’s mic drop moment
Who cares about stablecoin holding limits when you’ve got access to official liquidity support and exemptions?
The Weekly Peg: World wakes up to the ‘dollarization by stablecoin’ effect
Plus, the Fed’s Stephen Miran on the impact of stablecoins on loanable funds and the ECB’s main markets man on why non-remuneration is a regulatory ‘original sin’.
Prepare for the return of certainty and capital intensity
Subscriber note: Reminder that we are now also operating on Substack. The details of the new plans are here. If you’re anything like me, you’re probably drowning in information overflow; overwhelmed by frictionless influencers vying for your attention; disoriented by the relentless pace of life; ready to throw up at the prospect of opening your […]