Where finance and media interesect with reality.
Theories about why Tether is piling into gold abound. But there’s no mystery. Basel III has constrained bullion banks, leaving ample opportunities for non-banks, especially as arbitrages open up.
Join us to chat stablecoins, statecraft, and the future of money with finance author Felix Martin, stablecoin entrepreneur Tony McLaughlin, and fintech expert David Birch.
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.
Why seigniorage, potentially stablecoin-derived, offers the most credible path to financing neutral public-interest journalism in the algorithmic age.
Eichengreen, Cecchetti, Garratt, Portes, Andolfatto, Uhlig, Wu all talk stablecoins.
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.
Flagging one of the most interesting charts from CEPR’s latest Frontiers of Digital Finance report.
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
Its opaque past, its contested present, and its high-stakes role in Argentina’s future. Welcome to the story of the Exchange Stabilization Fund.
Who cares about stablecoin holding limits when you’ve got access to official liquidity support and exemptions?
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’.
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