The changing shape of reserves
Plus: mining the data, onchain metrics and more
“Those who cannot change their minds cannot change anything.” ― George Bernard Shaw ||
Hello everyone! I hope you’re all doing well. I have found it hard to concentrate today as Pope Leo XIV is hosting a vigil for over a million people on Saturday just a couple of blocks from where I live, and they’re testing the sound system for the giant screens and speakers mounted up and down the main avenue. Distracting, I won’t lie, but the general buzz of excitement is palpable and refreshing. Although let’s see if I still feel this way tomorrow.
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IN THIS NEWSLETTER
The changing shape of reserves
Markets: mining the data
Term of the day: realized profit/loss
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WHAT I’M WATCHING:
The changing shape of reserves
One of the recurring themes I write about in this newsletter is the changing monetary structure of global finance. This compelling topic draws on the politics of stablecoins, deposit tokens and other onchain representations of money-like assets. It also covers the geopolitical use of CBDCs, the looming threat of capital controls and other methods to more directly influence how money is used. And, it touches on the changing role of the US dollar in global finance: the weaponization of access, the emergence of alternatives and what that suggests for reserve balances going forward. Ultimately, all this is changing our understanding of what money is.
I could write volumes on this (and probably will, so stay tuned), but given today’s limitations of time and space, I want to focus on two pieces of news I’ve seen this week that are ringing a shiny bell.
