Macro Musings with David Beckworth

Rashad Ahmed on the Global Impact of US Stablecoin Regulation and Crypto Adoption

13 snips
Aug 4, 2025
Rashad Ahmed is an economist at the Andresen Institute for Finance and Economics, previously engaging with the Treasury and the Office of the Comptroller of the Currency. He discusses the global ramifications of U.S. stablecoin regulation, highlighting how it could reshape international financial systems and trade. Ahmed also dives into cryptocurrency adoption trends among G20 nations, revealing links between sovereign risk and crypto uptake. The conversation is rich with insights into how stablecoins could influence macroeconomic dynamics worldwide.
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ANECDOTE

Rashad Ahmed's Career Journey

  • Rashad Ahmed's career was sparked by witnessing the 2008 financial crisis affecting people close to him.
  • He moved through finance roles, earned a PhD, and worked at OCC and Treasury before joining the Anderson Institute.
INSIGHT

Stablecoins Impact Global Monetary Policy

  • Stablecoins could challenge monetary policy effectiveness abroad by potentially causing dollarization.
  • This may lead to increased reliance on U.S. dollar payment systems and reduced local central bank control.
INSIGHT

Stablecoins Could Moderate Spillovers

  • Dollar stablecoin adoption might moderate adverse Fed rate hike spillovers by providing households dollar assets as a hedge.
  • This differs from traditional dollarization that amplifies monetary policy impacts in emerging markets.
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