Nellie Liang is a former Treasury and Federal Reserve official and a senior fellow at the Brookings Institution. In Nellie's first appearance on the show, she discusses the future of stablecoins following the GENIUS Act, what stablecoins mean for private money and illicit finance, Fed master accounts, the global role of the dollar, and much more.

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Recorded on August 18th, 2026

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Timestamps

00:00:00 - Intro
00:01:23 - Nellie's Career
00:05:48 - The GENIUS Act
00:11:31 - Stablecoins as Private Money
00:27:32 - Fed Master Accounts
00:29:53 - Dollar as Global Reserve Currency
00:35:42 - Stablecoins and US Debt
00:46:49 - Nellie's Policy Recommendations
00:50:11 - Outro

Nellie Liang on Stablecoins After GENIUS, Private Money, and the Global Dollar

Macro Musings with David Beckworth

Nellie Liang on Stablecoins After GENIUS, Private Money, and the Global Dollar