2025-09-02
23 分钟It's been the summer of stablecoins.
The genius act that recently became law in the U.S. has created the first federal regulatory framework for stablecoins,
digital currencies whose value is typically pegged to fiat currencies, most often the U.S. dollar.
The act requires stablecoins to be fully backed by high-quality assets, such as U.S.
Treasury bills.
So does the stablecoin summer have staying power?
And what could that mean for existing payment systems and financial stability more broadly?
I'm Alison Nathan, and this is Goldman Sachs Exchanges.
Each month, I speak with investors, policymakers,
and academics about the most pressing market-moving issues for our top-of-mind report from Goldman Sachs Research.
This month, I spoke with two people on opposite sides of the stablecoin debate.
Brian Brooks is former acting comptroller of the currency,
the CEO of Meridian Capital Group, and sits on the board of Strategy.
Barry Eichengreen is a professor of economics and political science at the University of California,
Berkeley.
I started by asking Brian how stablecoins are being used today and why they could become more useful and popular in the years ahead.
The three most interesting uses of stablecoins in real life are A,
dollar savings products outside of the U.S.
Many people believe that is the single largest ultimate use case of stablecoins.
So on that front,