The case against stablecoins
3/5/202627 min
The Genius Act allowed stablecoins to trade in the US as a legal form of currency. But can that really work? Today on the show, financial historian Brendan Greeley joins Katie Martin and Rob Armstrong to discuss if it makes sense to introduce a digital competitor to the dollar. Also they go long the Maidstone football team, short March and short tax trips to Dubai.
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Read a transcript of this episode on FT.com
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First 90 secondsKatie Martin· Host0:00
[upbeat music] Pushkin. There's a lot going on. The news flow from Iran, the Middle East, and the Gulf is relentless, but we mustn't take our eye or ear off other stuff. One of the other things bubbling up now is stablecoins, crypto-flavored kinda dollars that live in the virtual world. Donald Trump took a break from Iran earlier this week to lash out at banks which have been pushing back at efforts to draw stablecoin operators into the heart of the financial system. "That is unacceptable," he said. "We are not going to allow it." In other words, let the crypto in. Now, listeners, do yourself a favor and make a note of this because maybe not today, maybe not tomorrow, but one day, the impact of giving crypto a seat at the highest tables in finance will bite. Today on the show, we'll tell you why. This is Unhedged, the markets and finance podcast from the Financial Times and Pushkin. I'm Katie Martin, a markets columnist in beautiful sunny springtime London, and I'm joined, as usual, by the bald eagle himself, Robert Armstrong of the Unhedged newsletter in New York. Rob, say hello or give us a squawk.
Robert Armstrong· Host1:19
Hello. Rah.
Katie Martin· Host1:21
[chuckles] Both. But also, we've got an actual brain box in the London studio with me to unpack what's going on. Brendan