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Why Trump’s team is betting on stablecoins

ft.com · 391 words · saved by 1 readers

A year ago, Stephen Miran, the former chair of the Council of Economic Advisers under US President Donald Trump and now a Federal Reserve governor, wrote a paper that caused a frisson in the financial markets. Miran suggested, in a spirit of Socratic debate, that Trump could use tariffs and a “Mar-a-Lago” currency accord to bolster American dominance — an idea which provoked horror among progressives and free-market economists alike. Twelve months on, Trump has obviously embraced tariffs. And while the Mar-a-Lago currency vision has faded from view, Miran is now tossing out new ideas — and his opponents should take note. For he thinks we are about to see a notable shift in financial flows that could affect dollar usage and interest rates. Call this, if you like, a new chapter in geofinance — or American financial imperialism. The crucial issue is stablecoins, or cryptocurrencies backed by other assets. Until recently, many financiers dismissed these as a sideshow or, worse, a criminal

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