The geopolitics of stablecoin demand

also: market euphoria, stock yields, weirdness and more

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IN THIS NEWSLETTER:

• The geopolitics of stablecoin demand

• Markets: relief from what?

• Markets: equities, bonds and jobs

WHAT I’M WATCHING:

The geopolitics of stablecoin demand

This morning, I finally got around to reading the text of Federal Reserve Governor Stephen Miran’s speech last week at the Harvard Club about stablecoins.

His focus was the impact of stablecoins on the macro economy, and he made some key points that tie into what I’ve been trying to map out recently – where will stablecoin demand come from? This matters for their impact on treasuries, banks and dollar demand.

Most of what he said, I agree with, especially when it comes to the importance of foreign demand. But he’s complacent in a couple of areas, which I’ll tackle further down.