Macroscopic Podcast Jim Rickards: Stablecoins risk could trigger the NEXT GLOBAL CRISIS
Nov 23, 2025
Jim Rickards, an economist and financial strategist, unpacks critical warnings about the stablecoin market and its potential to trigger a global liquidity crisis. He explains the risks posed by Tether and discusses systemic threats from unregulated stablecoins. The conversation also covers Russia's gold strategy, the implications of the Mar-a-Lago Accord, and the role of gold as a safe haven. Rickards emphasizes the fragility of the derivatives market and explores how current financial strategies may reshape the future of currency stability.
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Stablecoins As Systemic Time Bomb
- Stablecoins act like unregulated money market funds and pose a systemic contagion risk to the global monetary system.
- A single fraud, illiquid investment, or mass redemption could force fire sales of Treasuries and freeze markets.
Don't Treat Stablecoins As Risk-Free Cash
- Avoid relying on unregulated stablecoin holdings as risk-free cash equivalents during systemic stress.
- Diversify into truly liquid, non‑counterparty assets like physical gold to hedge against freezes and runs.
Treasury Shortage Threatens Derivatives Market
- Stablecoin demand for Treasuries can drain collateral needed by the $1 quadrillion derivatives market.
- Reduced Treasury availability could force dealers to shrink books and amplify financial stress across markets.
