Manmohan Singh on the Role and Structure of Stablecoins and the Impact of Collateral in the Financial System
Macro Musings with David Beckworth
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The Balanc Sheet Is Not Unwinding, Should We See More Collateral?
Central bank reserves would be the place. You could still have your counter party as a finte issuer. Now the frinte issuer will nead a masterr account or access to payment rails. If you want generally, the wordta in stable coins, i think there's nothing better than central bank reserves. The next best proxy would be having shot them your treasury bills yif vanish for one. But for that, you will end up asalin a collateral. And is this market grows, you don't want another half a trillion, or even a trillion silout,. especially if the central bank unwind time table is not forthcoming.
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