Stablecoins and the Digital Dollar

A stablecoin is a private token pegged to the dollar and backed, in the main, by short dated United States Treasury bills. Issuers now hold more of that debt than many countries do.

Felix Nikolas Prehn explains how this came about, why Washington legislated for it, and what it means for the dollar system. The book The Stablecoin sets out the law and the balance sheets.