Wholesale CBDCs and Stablecoin Innovation

George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute and is also a long-time returning guest of Macro Musings. He rejoins the podcast to talk about central bank digital currency, stablecoins, and the future of the Fed’s balance sheet and operating system. Specifically, David and George also discuss the challenges presented by CBDC and Fed accounts, how they could create financial instability, George’s proposal for wholesale CBDC, and more.

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Transcript for the episode can be found here.

George’s Twitter: @GeorgeSelgin

George’s Cato Institute profile: https://www.cato.org/people/george-selgin

Related Links:

*Central Bank Digital Currency as a Potential Source of Financial Instability* by George Selgin

https://www.cato.org/cato-journal/spring/summer-2021/central-bank-digital-currency-potential-source-financial-instability#old-fashioned-bank-runs

*Money and Payments: The U.S. Dollar in the Age of Digital Transformation* by the Federal Reserve Board of Governors

https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf

*George Selgin on the Past, Present, and Future of a Real-Time Payments System*

https://www.mercatus.org/bridge/podcasts/11112019/george-selgin-past-present-and-future-real-time-payments-system

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/