Abstract:
Far too little attention has been paid to the fact that stablecoins could erode governments' control over money and debt, fundamentally reshaping how modern economies manage inflation, stabilize markets, and finance public spending. By catering to a politically connected industry, the United States is playing with fire.
Citation:
Armstrong, A., & Snower, D. J. (2025, 17 November), 'Stablecoins: Too big to fail and eroding monetary and fiscal policy, Project Syndicate, https://www.project-syndicate.org/commentary/stablecoins-too-big-to-fail-and-eroding-monetary-and-fiscal-policy-by-angus-armstrong-and-dennis-j-snower-2025-11