India: a CBDC-friendly stablecoin

plus: the digital euro legislative push, Fed messaging, jobs and more

“A moral monopoly is the antithesis of a marketplace of ideas.” – Thomas Sowell ||

Hello everyone, and happy Fed Day! I’ll be making popcorn.

I’m on The Market House show later today with the inimitable Maggie Lake – tune in at 4pm on the show’s YouTube channel, or on Substack (I should be able to send out a notification there closer to the time).

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IN THIS NEWSLETTER:

• India: a CBDC-friendly stablecoin

• Digital euro: legislative positioning

• Macro: JOLTS

• Markets: not the Fed you know

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

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WHAT I’M WATCHING:

India: a CBDC-friendly stablecoin

With so much stablecoin bustle in the US and now increasingly in Europe, we’re missing some intriguing developments over in Asia.

Last month, it was revealed that India is working on a regulated, rupee stablecoin. When I first read the news, it threw me – how can the country have a regulated stablecoin with no stablecoin regulation? It turns out that’s not necessary if you have the right approvals.