Macro Voices MacroVoices #504 Brent Johnson: The Genius of Stablecoins
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Oct 30, 2025 
Brent Johnson, Founder of Santiago Capital, dives into the transformative potential of stablecoins and their geopolitical significance. He explains the dollar milkshake theory and how stablecoins might prolong the dominance of the US dollar. Brent discusses the implications of the Genius Act on stablecoin regulation and audits, and evaluates if rival nations can create non-dollar alternatives. He also touches on the possible advantages of gold-backed stablecoins, exploring how these dynamics could reshape global monetary systems.
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Dollar Milkshake Still Holds
- The Dollar Milkshake Theory explains why global crises can strengthen the US dollar as capital flows into the U.S. economy.
- Brent Johnson says the framework still holds and the dollar has become more entrenched despite massive monetary expansion.
Stablecoins Are Fiat On Crypto Rails
- Stablecoins are digital tokens tied to tangible assets, most commonly the US dollar, offering fiat-like stability on crypto rails.
- Brent argues passage of the Genius Act and likely future oversight make backed stablecoins credible and systemic.
Genius Act Reinforces Dollar Hegemony
- The Genius Act enables US-sanctioned stablecoins to reinforce dollar hegemony rather than undermine it.
- Brent calls this a Machiavellian move that centralizes control by using private crypto innovation to extend US monetary power.
