Crypto is Macro Now

Crypto is Macro Now

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Crypto is Macro Now
Crypto is Macro Now
The stablecoin frenzy is getting started
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The stablecoin frenzy is getting started

plus, the SEC's big re-think, the US debt ceiling limit, China stimulus and more...

Noelle Acheson's avatar
Noelle Acheson
Mar 27, 2025
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Crypto is Macro Now
Crypto is Macro Now
The stablecoin frenzy is getting started
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“The best thing about the future is that it comes only one day at a time.” – Dean Acheson (no relation!) ||

Hi everyone, I hope you’re all doing well!

I know I said yesterday that today’s email would be short, but, well, there’s a LOT going on.

Below, I address some major moves in stablecoins from just this week alone. I also share some highlights from SEC Commissioner Hester Peirce’s speech yesterday, that show how big-picture things are getting.

And in Macro-Crypto Bits, I look at the frustrating stalemate in Ukraine ceasefire negotiations, US debt ceiling limits, hawkish comments from a Fed official, China’s stimulus and more.

The latest episode of Bits & Bips is out! Alex Kruger, Ram Ahluwalia and I chat to Felix Jauvin, host of Forward Guidance, about the market correction, tariff uncertainty, consensus narratives and more. You can watch that here, or listen here (Spotify link).

IN THIS NEWSLETTER:

  • The stablecoin frenzy is getting started

  • The SEC’s big re-think

  • Macro-Crypto Bits: inflation not transitory, US debt ceiling limits, Tether diversification, futile EU stubbornness and more

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as audio, relevant links and music recommendations ‘cos why not.

Let me help you keep up with the growing overlap between the crypto and macro landscapes.

WHAT I’M WATCHING:

The stablecoin frenzy is getting started

This is not the recap of key stablecoin developments over the past few weeks that I know I still owe you – rather, it’s a look at big moves from just this week alone (and it’s only Thursday!).

A US bank stablecoin

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© 2025 Noelle Acheson
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