Steve Kamin and Mark Sobel on the Outlook of Dollar Dominance

About this episode

Steve Kamin and Mark Sobel discuss the current status and future threats to dollar dominance, including the role of stablecoins and recent findings in the Treasury Foreign Exchange Report.

Steve Kamin is a senior fellow at the American Enterprise Institute and was previously the director of the Division of International Finance at the Federal Reserve Board. Mark Sobel is the US chairman of the Official Monetary and Financial Institutions Forum and is a veteran of the US Department of Treasury. Steve and Mark return to the show to discuss the status of dollar dominance, the future threats to dollar dominance, the role or lack thereof that stablecoins will play in dollar dominance, the new findings in the Treasury Foreign Exchange Report, the current state of tariffs, whether we are in a second China shock, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on March 5th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Steve Kamin on X: @Steven_Kamin Follow Mark Sobel on X: @Sobel_Mark Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:02:26 - Termites Eating Away at Dollar Dominance 00:16:52 - Future Threats to Dollar Dominance 00:19:47 - Stablecoins and…

People in this episode

Host: David Beckworth

Guests: Steve Kamin, Mark Sobel

Topics covered

• dollar dominance
• stablecoins
• Treasury Foreign Exchange Report
• tariff policy
• China shock

Keywords

• dollar dominance
• stablecoins
• Treasury Foreign Exchange Report
• tariffs
• China shock

Mentioned in this episode

Organizations: American Enterprise Institute, Federal Reserve Board, Official Monetary and Financial Institutions Forum, US Department of Treasury, Mercatus Center at George Mason University

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