After a Summer of Stablecoins, What’s Next?

Allison Nathan hosts a discussion on stablecoins, featuring Brian Brooks and Barry Eichengreen, who present contrasting views on the Genius Act and its implications. Brooks highlights the potential for stablecoins to offer dollar savings products outside the U.S., facilitate remittances, and streamline payment systems, while Eichengreen expresses concerns about the proliferation of unstable private currencies and the risks to financial stability, drawing parallels to historical banking crises. They also debate the merits of central bank digital currencies versus stablecoins and the potential impact of stablecoins on the demand for treasuries, revealing fundamental disagreements on the safety, control, and economic effects of stablecoins.