New coins on the block: Digital currencies and the financial system
The crypto system is no longer a sideshow. Dollar stablecoins now put dollar claims into circulation well beyond the regulated US banking perimeter, and cryptoisation
The dollar’s status through the lens of foreign exchange reserves
The US dollar’s share of global foreign exchange reserves has fallen since the 1990s. This column argues that changes in aggregate reserve shares conflate two
Ripples presaging a financial tsunami
Loss of confidence in the US dollar’s reserve currency status could trigger a collapse of the US Treasury market and international financial fragmentation. This column
