Austin Campbell on the Rise and Regulation of Dollar Backed Stablecoins

奥斯汀·坎贝尔关于美元支持稳定币的崛起与监管

Macro Musings with David Beckworth

2025-12-01

58 分钟
PDF

单集简介 ...

Austin Campbell runs Zero Knowledge Group, a consulting and advising firm in the digital assets space and is an adjunct professor at New York University's Stern School of Business. In Austin's first appearance on the show, he discusses what comes next after the GENIUS Act, the debate with interest-on-reserves when it comes to stablecoins, the future of Tether, Governor Waller's proposal of skinny master accounts, the larger macro implications of stablecoins in Europe and the global South, and much more. Check out the transcript for this week's episode, now with links. Recorded on November 14th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Austin on X: @CampbellJAustin Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:01:38 - Austin's Career 00:04:10 - What Comes After GENIUS? 00:7:26 - Interest and Stablecoins 00:12:30 - Tokenized Deposits 00:17:01 - Future of Tether 00:29:27 - Skinny Master Account 00:35:23 - Stablecoin Regulation 00:48:46 - Macro Implications 00:54:58 - Future of the Financial System 00:57:58 - Outro
更多

单集文稿 ...

  • Welcome to Macro Musings,

  • where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past,

  • present, and future.

  • I am your host, David Beckworth,

  • a senior research fellow with the Mercatus Center at George Mason University,

  • and I'm glad you decided to join us.

  • Our guest today is Austin Campbell.

  • Austin is the Wall Street veteran who worked extensively on risk management and digital assets.

  • He now runs Zero Knowledge Group, a consulting and advising firm in the digital asset space,

  • and also is an adjunct professor at New York University Stern School of Business.

  • Austin joins us today to discuss the latest developments in stablecoins and digital assets and their potential long run implications for the financial system.

  • Austin, thank you so much for coming on the program.

  • Yeah, I'm happy to be here.

  • Thank you for having me Well,

  • it's a real treat for me because

  • as I have delved into this space of stable coins digital assets I've had to learn a lot and one of the people I've learned from is you you've been on a lot of podcasts You have a newsletter called zero in so subscribe to that listeners

  • if you want to follow up on an expert in this space So thank you Austin for the education.

  • No, I think Like if people learn nothing else from this podcast,

  • the discussion in crypto is fragmented and chaotic at best.

  • And I would say we're still in the early stages where all topics are misunderstood.