2026-06-29
1 小时 11 分钟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 guests today are Chris Orenay, Andrea Tosoto, and Yesha Yarev.
They have a new paper titled The Moneyness of Stablecoins, where they argue that the key distinction
and question about stablecoins is not merely whether they are backed or technically efficient,
but whether they are actually money-like in a legal and institutional sense.
The authors develop a framework they call moneyness, the degree to which an instrument functions like money.
Their central claim is that moneyness is not just an economic property.
It is fundamentally a legal institutional construction.
They argue that stable coins currently fall short of true moneyness, even after the Genius Act,
because there are still legal hurdles to be cleared.
Welcome to the show, everyone.
David, thank you for having us.
Thank you.
Absolutely.
Thank you for having us.
Well, it's great to have you on.
It was a great paper, very topical.