S9 Ep24: Stablecoins and Global Imbalances
From VoxTalks Economics by VoxTalks
April 13, 2026 · 31 min · Season 9 · Episode 24
About this episode
The episode discusses stablecoins, their implications for the US economy, and historical parallels with past banking acts.
A radical macroeconomic experiment is under way at exactly the moment the US external position is showing signs of real stress. Gilles Moëc, Chief Economist at AXA, has written a chapter in the fourth Paris Report, published jointly by CEPR and Bruegel, on stablecoins: what they are, why the US government is so keen to promote them, and what risks they carry. His argument is that stablecoins are a fast-growing digital asset backed almost entirely by short-dated US government debt. When investors buy a dollar stablecoin, they are effectively buying into a US T-bill at zero interest; the platform keeps the yield. The US government likes this because it draws global savings into dollar assets at minimal cost, extending the dollar's reach and helping fund the deficit. But the regulatory framework has a three-year grace period and leaves supervision partly to the states, which compete to attract platforms. And there’s the historical parallel: find out how the National Banking Acts of 1863 and 1864 give us an insight into the attraction, and risks, of using stablecoins in this way. The report discussed in this series of episodes: Rey, Hélène, Beatrice Weder di Mauro, and Jeromin…
People in this episode
Guest: Gilles Moëc
Topics covered
- stablecoins
- global imbalances
- US economy
- digital assets
- regulatory framework
Keywords
- stablecoins
- US government
- digital assets
- global savings
- regulation
Mentioned in this episode
Organizations: AXA, CEPR, Bruegel
Books & works: The New Global Imbalances, Stablecoins and global imbalances: Attempting to preserve the US exorbitant privilege
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- S9 Ep31: How well does patent screening work? · May 29, 2026 · 33 min
- S9 Ep30: Redefining the monetary standard · May 22, 2026 · 26 min
- S9 Ep29: Guns and Butter · May 15, 2026 · 21 min
- S9 Ep28: Immigration and integration in Europe · May 8, 2026 · 25 min
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