A Citi stablecoin is unlikely

plus: ETH outperformance, soft PPI, the business mood and more

“Man is a credulous animal, and must believe something; in the absence of good grounds for belief, he will be satisfied with bad ones.” – Bertrand Russell ||

Hello everyone! I hope you’re all doing well, and not melting! We’re under another heat warning here.

The edited version of this week’s Bits & Bips livestream is out, where Steve Ehrlich, Ram Ahluwalia and myself chatted with Austin Campbell about stablecoins, markets and more – this was an especially fun one!

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IN THIS NEWSLETTER:

• A Citi stablecoin is unlikely

• Macro-Crypto Bits: ETH outperformance, PPI, industrial production, business mood, Genius

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as relevant links and music recommendations ‘cos why not.

WHAT I’M WATCHING:

A Citi stablecoin is unlikely

In yesterday’s Q2 earnings call, Citi CEO Jane Fraser confirmed that, like many US banks, her organization is looking into issuing a stablecoin.

This does not mean they will do so, as “looking into” is the easy part, and saying “no, we’re ignoring that” would trigger more adverse publicity than is warranted.

But, I’ll go on the record as saying they won’t issue a stablecoin. And they know this.