After a Summer of Stablecoins, What’s Next?

67 snips

Sep 2, 2025

Guest

Barry Eichengreen

Guest

Brian Brooks

Brian Brooks, former acting comptroller of the currency and CEO of Meridian Capital Group, joins Barry Eichengreen, a UC Berkeley professor and expert on monetary history. They dive into the evolving landscape of stablecoins, discussing the regulatory implications of the Genius Act and the potential for a more competitive market. The debate between CBDCs and stablecoins unfolds, outlining their respective roles in financial systems. Additionally, they explore how stablecoins could impact demand for U.S. treasuries, leaving listeners pondering the future of digital currencies.

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INSIGHT

Three Real-World Uses Of Stablecoins

Stablecoins serve three main real-world uses: dollar savings outside the U.S., remittances, and payments.
Broader adoption depends most on dollar-equivalent saving demand in countries with unstable currencies.

INSIGHT

Genius Act Brings Bank-Like Supervision

The Genius Act creates the first specific supervisory framework for stablecoins mirroring national bank oversight.
That supervision and defined reserve rules aim to deliver the safety perception banks historically provided.

ADVICE

Build Regulator And Auditor Crypto Expertise

Regulators and auditors must build continuous expertise in custody, private keys, and blockchain operations.
Encourage exam teams and auditors to develop crypto practices now as activity scales.

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In this episode, Former Acting Comptroller of the Currency Brian Brooks and UC Berkeley’s Barry Eichengreen discuss the outlook for stablecoins — digital currencies pegged to the value of traditional fiat currencies like the US dollar. Moderated by Goldman Sachs Research’s Allison Nathan, the discussion covers the potential implications of a growing stablecoin market existing payment and banking systems, financial markets, and broader financial stability. This episode explores the latest Top of Mind report.

This episode was recorded on July 14, 18, and August 7.

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