When there’s talk of the risks stablecoins represent to the global financial system, Tether is usually the subject. And the largest stablecoin by market capitalization continues to generate questions about the reserves that support its U.S. dollar peg. However, according to a new report from the Federal Reserve Bank of New York, even USDC, a stablecoin backed by higher-grade assets (based on self-declarations), could, too, represent a systemic risk. At the top of today’s edition of Real Vision Crypto Daily Briefing, Marco Olivera and Ash Bennington talk about why the New York Fed honed in on USDC. Ash and Marco also discuss a new report from the interagency Financial Stability Oversight Council that includes recommendations to the U.S. Congress on crypto regulation. And Morgan Creek Digital Managing Partner Mark Yusko joins our hosts for a broad and deep survey of the relationship between macro and crypto.

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