Should stablecoins be “money”?

plus: uncertainty, employment, markets, politics, CBDCs

“Better to remain silent and be thought a fool than to speak out and remove all doubt.” – Abraham Lincoln ||

Hello everyone! I hope you’re all doing well? I was hoping to get on top of my 85 open tabs today, but nope, that gets pushed back again 😕.

IN THIS NEWSLETTER:

• Should stablecoins be “money”?

• Tariff uncertainty bites

• Macro-Crypto Bits: weakening jobs, market moves, stablecoin politics

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WHAT I’M WATCHING:

Should stablecoins be “money”?

In an op-ed in the Financial Times a few days ago, Ignazio Angeloni – former supervisory board member of the European Central Bank – raised an interesting point about stablecoins.

The current direction of regulation guarantees stablecoin convertibility 1:1, effectively giving them central bank-like guarantees even though they are not backed by central bank balance sheets.

This is having undesirable secondary effects.