Stablecoins Are Now a Monetary Order Story
Stablecoins are often described as a payments innovation, a crypto utility, or a bridge between digital assets and conventional money.…
Category: Policy
The Fed Builds a Narrow Gate
The most consequential stablecoin development of the last 24 to 48 hours is not a token launch, a price move,…
Crypto Wants the Rails, Not Just the Rules
For years, crypto policy has been narrated through the wrong lens. The debate has often been reduced to whether Washington…
Europe’s Stablecoin Paradox: Demand Is Growing Faster Than Policy Confidence
Europe is approaching stablecoins with a logic that is understandable in regulatory terms but increasingly dangerous in strategic ones. Policymakers…
Europe’s Stablecoin Paradox: In Trying to Protect the Euro, the ECB May Be Ceding the Rails
Europe’s stablecoin debate is often presented as a familiar prudential argument. Central bankers worry that privately issued digital money could…
Europe’s Digital-Dollar Problem: Tokenized Cash Is Scaling in Dollars Before Euros
Europe’s stablecoin problem is often described as a technology gap, but that is too narrow. What Europe is facing is…
Wall Street Wants the Idle Stablecoin Balance
The first phase of the stablecoin story was about issuance. The second was about regulation. The third, which is now…
The Clarity Act Fight Is Really About Who Gets to Monetize Digital Cash
Washington likes to narrate crypto regulation as a broad cultural clash between innovation and control. That framing is politically useful,…
Bailey’s Warning Shows Stablecoins Are Entering the Convertibility Era
Stablecoin regulation is often discussed as though the main policy question were yield. Can issuers pay it? Can exchanges pass…