# S9 Ep24: Stablecoins and Global Imbalances

Page: https://stenobird.com/podcast/voxtalks-economics-504930/s9-ep24-stablecoins-and-global-imbalances
Text version: https://stenobird.com/podcast/voxtalks-economics-504930/s9-ep24-stablecoins-and-global-imbalances.md
Podcast: [VoxTalks Economics](https://stenobird.com/podcast/voxtalks-economics-504930)
Published: 2026-04-13T09:01:00+00:00
Episode link: https://audioboom.com/posts/8887466
Audio file: https://audioboom.com/posts/8887466.mp3?modified=1776063437&sid=4966228&source=rss
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JSON: https://stenobird.com/v1/public/podcasts/voxtalks-economics-504930/episodes/s9-ep24-stablecoins-and-global-imbalances
Duration seconds: 1862

## Resource

A radical macroeconomic experiment is under way at exactly the moment the US external position is showing signs of real stress. Gilles Moëc, Chief Economist at AXA, has written a chapter in the fourth Paris Report, published jointly by CEPR and Bruegel, on stablecoins: what they are, why the US government is so keen to promote them, and what risks they carry. His argument is that stablecoins are a fast-growing digital asset backed almost entirely by short-dated US government debt. When investors buy a dollar stablecoin, they are effectively buying into a US T-bill at zero interest; the platform keeps the yield. The US government likes this because it draws global savings into dollar assets at minimal cost, extending the dollar's reach and helping fund the deficit. But the regulatory framework has a three-year grace period and leaves supervision partly to the states, which compete to attract platforms. And there’s the historical parallel: find out how the National Banking Acts of 1863 and 1864 give us an insight into the attraction, and risks, of using stablecoins in this way. The report discussed in this series of episodes: Rey, Hélène, Beatrice Weder di Mauro, and Jeromin Zettelmeyer (eds). 2026. The New Global Imbalances. Paris Report 4. CEPR Press and Bruegel. Free to download at cepr.org . The chapter discussed in this episode: Moëc, Gilles. 2026. "Stablecoins and global imbalances: Attempting to preserve the US exorbitant privilege." In Rey, Weder di Mauro, and Zettelmeyer (eds), The New Global Imbalances. Paris Report 4. CEPR Press and Bruegel. Chapter 9, p. 210. To cite this episode: Phillips, Tim, and Gilles Moëc. 2026. "Stablecoins and Global Imbalances." VoxTalks Economics (podcast). Assign this as extra listening. The citation above is formatted and ready fo…

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## Transcript

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