Hidden Forces How Stablecoins Will Transform Banking | Charles Calomiris
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Sep 8, 2025 Charles Calomiris, former Chief Economist at the Office of the Comptroller of the Currency, dives into the transformative potential of stablecoins in banking. He discusses how stablecoins could revolutionize real-time payments and reshape monetary policy while highlighting the implications of the 'Genius Act.' Calomiris addresses antitrust concerns, the future of U.S. government debt, and how these digital currencies might challenge the dollar's dominance. He envisions a more competitive banking landscape where loans and deposits are separated for enhanced economic stability.
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Blockchain Transforms Payments
- Blockchain enables secure, near-instant peer-to-peer payments and permanent transaction records without a central intermediary.
- Charles Calomiris says this tech can transform payments and make settlement programmable and faster than Fed systems.
OCC Push To Modernize Charters
- Calomiris recounts working at the OCC under Brian Brooks to modernize bank charters and bring stablecoins into the regulated system.
- He frames political resistance from incumbents as a main barrier to progress on stablecoin integration.
Stablecoins As Digital Money Market Accounts
- Stablecoins act like blockchain-native money market accounts, letting users hold dollar-equivalent assets invested in safe instruments like Treasury bills.
- Calomiris argues stablecoins can replace checking accounts for fast payments while preserving value and earning near-T-bill rates.