Coinbase: blurring boundaries

plus: a good CPI read for the US, not so much for Japan, and the market reaction

“It’s not what’s under the Christmas tree that matters, it’s who’s around it.” – Charles M. Schulz ||

Hi everyone! Not gonna lie, I’m excited to take some time off for the holiday festivities. Gift shopping, wrapping presents, baking, snuggling, reading, roasting, singing Christmas songs… I so love this time of year, and Madrid is SO beautiful with its lights and nativity scenes and stalls.

Production note: This newsletter will be taking a break next week – back on the 29th!

🎀

My latest op-ed for American Banker (“The stablecoin yield fight still rages, but on a new battlefield” – paywall, sorry) looks at why banks are on the backfoot in their protests against stablecoins yields in terms of logic and principle, but politics is weird and they might win – but the bigger battle is elsewhere, and if stablecoin interest has to fall, it’s not that big a deal.

🎀

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IN THIS NEWSLETTER:

• Coinbase: blurring boundaries

• Macro: a good inflation read for the US

• Macro: not so much for Japan

• Markets: yields and complacency

Crypto is Macro Now offers ~daily commentary and updates on the overlap between the crypto and macro landscapes.

If you’re a premium subscriber, thank you!! ❤

WHAT I’M WATCHING:

Coinbase: blurring of boundaries

On Wednesday, we got the details of Coinbase’s latest product update, and it delivered several surprises, as well as significant paving for the necessary investor mindset shift.