Milk Road Macro How Stablecoins Are Taking Over The Dollar, Business, & The Federal Reserve w/ Santiago Santos
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Oct 28, 2025 Santiago Santos, founder & CEO of Inversion Capital and a prominent digital asset investor, dives deep into the evolving landscape of finance. He discusses the Federal Reserve's newfound openness to stablecoins and how AI could leverage USDC for seamless transactions. Santiago also tackles the tensions between banks and stablecoin issuers, the potential for capital flight in Latin America, and the transformative power of programmable money in commerce. His insights on the regulatory environment and institutional moves from giants like JPMorgan reveal the revolutionary shift in global finance.
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Fed's Payments Pivot Changes Tone
- The Fed has pivoted to actively explore stablecoins, AI, and access for non-bank payment accounts.
- This marks a 180-degree tone shift and signals regulatory de-risking for crypto innovation.
Direct Fed Access For Stablecoins
- Skinny master accounts would let stablecoin issuers access Fed rails directly and bypass banks.
- That would lower settlement cost and increase competition, benefiting consumers and neobanks.
Watch Bank Pushback And Policy Timing
- Expect banks to resist regulatory changes that threaten their revenue and lobby accordingly.
- Monitor government shutdowns and legislative timelines, as policy progress can slow or stall.
