Currency Dominance in the Digital Age
https://www.project-syndicate.org/commentary/digital-assets-mean-technological-infrastructure-will-determine-monetary-power-by-helene-rey-2025-07
https://www.project-syndicate.org/commentary/digital-assets-mean-technological-infrastructure-will-determine-monetary-power-by-helene-rey-2025-07
The coming crypto crisis
https://www.ft.com/content/efc848c0-0990-4623-98ed-1176e97f04cb
Advocates talk about cryptocurrencies such as bitcoin as a hedge against traditional markets, but in fact, bitcoin is a “high beta” investment, meaning that it is highly correlated to the stock market. That means that both gains and losses relative to the S&P are amplified. Anything over a beta of one indicates a higher volatility than the market. A recent Fidelity report found bitcoin’s rolling 3-year beta to the S&P was 2.6.
https://www.ft.com/content/efc848c0-0990-4623-98ed-1176e97f04cb
Advocates talk about cryptocurrencies such as bitcoin as a hedge against traditional markets, but in fact, bitcoin is a “high beta” investment, meaning that it is highly correlated to the stock market. That means that both gains and losses relative to the S&P are amplified. Anything over a beta of one indicates a higher volatility than the market. A recent Fidelity report found bitcoin’s rolling 3-year beta to the S&P was 2.6.
Stablecoins: the next big financial crisis waiting to happen
https://www.telegraph.co.uk/business/2025/07/27/are-stablecoins-the-next-big-financial-crisis-waiting-to-ha/
Loosening the regulations governing digital currencies involves Wild West trade-offs.
https://www.telegraph.co.uk/business/2025/07/27/are-stablecoins-the-next-big-financial-crisis-waiting-to-ha/
Loosening the regulations governing digital currencies involves Wild West trade-offs.
Can Markets Trust Stablecoins?
https://www.wsj.com/opinion/can-markets-trust-stablecoins-finance-investing-economy-policy-c03e0f1d
The Genius Act brings more order to crypto, but the new currency it enables dresses old risks in new tech.
https://www.wsj.com/opinion/can-markets-trust-stablecoins-finance-investing-economy-policy-c03e0f1d
The Genius Act brings more order to crypto, but the new currency it enables dresses old risks in new tech.
Why Banks Are on High Alert About Stablecoins
https://www.wsj.com/finance/currencies/why-banks-are-on-high-alert-about-stablecoins-2f308aa0
Banks fear the tokens could siphon deposits they use to fund loans to companies and consumers.
https://www.wsj.com/finance/currencies/why-banks-are-on-high-alert-about-stablecoins-2f308aa0
Banks fear the tokens could siphon deposits they use to fund loans to companies and consumers.
The rise and risks of stablecoins
https://www.ft.com/content/b3063d9a-d161-4dda-96bb-ea0dfaa2488d
US law bringing the asset into the mainstream has dangers for financial stability.
https://www.ft.com/content/b3063d9a-d161-4dda-96bb-ea0dfaa2488d
US law bringing the asset into the mainstream has dangers for financial stability.
Crypto’s big bang will revolutionize finance
https://www.economist.com/finance-and-economics/2025/07/23/cryptos-big-bang-will-revolutionise-finance
The more useful stablecoins and tokens prove to be, the greater the risk.
https://www.economist.com/finance-and-economics/2025/07/23/cryptos-big-bang-will-revolutionise-finance
The more useful stablecoins and tokens prove to be, the greater the risk.
Stablecoins Fall Short as Cornerstone of Monetary System, Central Banks Say
https://www.wsj.com/economy/central-banking/stablecoins-fall-short-as-cornerstone-of-monetary-system-central-banks-say-e0b33e70
Loss of monetary sovereignty and capital flight are major concerns, particularly for emerging markets.
Loss of monetary sovereignty and capital flight are major concerns, particularly for emerging markets.
Uncle Sam’s stablecoin passion has shaky rationale
https://www.reuters.com/commentary/breakingviews/global-markets-breakingviews-2025-06-19/
https://www.reuters.com/commentary/breakingviews/global-markets-breakingviews-2025-06-19/
Why Passing the Stablecoin GENIUS Act Might Not Be So Smart
https://www.newyorker.com/news/the-financial-page/why-passing-the-stablecoin-genius-act-might-not-be-so-smart
Critics say enacting the pro-crypto legislation will make the financial system less safe and less stable—and further enrich Donald Trump.
https://www.newyorker.com/news/the-financial-page/why-passing-the-stablecoin-genius-act-might-not-be-so-smart
Critics say enacting the pro-crypto legislation will make the financial system less safe and less stable—and further enrich Donald Trump.
The Genius Act Will Bring Economic Chaos
https://www.nytimes.com/2025/06/17/opinion/genius-act-stablecoin-crypto.html
https://www.nytimes.com/2025/06/17/opinion/genius-act-stablecoin-crypto.html
How Stablecoins Can Be Destabilizing
https://www.wsj.com/finance/banking/how-stablecoins-can-be-destabilizing-c14a98b0
Banks will retain lots of deposits, but they might become bigger and less reliable.
https://www.wsj.com/finance/banking/how-stablecoins-can-be-destabilizing-c14a98b0
Banks will retain lots of deposits, but they might become bigger and less reliable.
Stablecoin Legislation Will Juice Demand for Treasurys—to a Point
https://www.wsj.com/finance/stablecoin-legislation-will-juice-demand-for-treasurysto-a-point-3724fad7
Issuers of digital currencies need Treasury bills for their reserves, but analysts say the consequences are uncertain.
https://www.wsj.com/finance/stablecoin-legislation-will-juice-demand-for-treasurysto-a-point-3724fad7
Issuers of digital currencies need Treasury bills for their reserves, but analysts say the consequences are uncertain.