CB On Air · 2026-04-30 · 36 min
Under the Genius Act, stablecoin issuers must hold short-term Treasuries in their reserves. The Treasury market is the largest and deepest financial market in the world, but it’s also a fragile one. In March 2020, a net increase in sales of Treasuries versus the prior month of less than $100 billion caused the entire market to seize up. What happens in a world where, as Treasury secretary Scott Bessent predicts, there are $2 trillion of stablecoins outstanding? Meanwhile, as the stablecoin market grows, the incentive for hackers to attack public blockchains increases. Further, can monetary policy prove fatal if the price of Treasuries falls? These are just some of the financial and technological risks MIT’s Dan Aronoff and Bank of England’s Chris Calabia discuss on the inaugural episode of Central Banking’s new Tech Talk series.
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