After a Summer of Stablecoins, What’s Next?

Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 2 September 2025

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Former Acting Comptroller of the Currency Brian Brooks and UC Berkeley’s Barry Eichengreen discuss the outlook for stablecoins — digital currencies pegged to the value of traditional fiat currencies like the US dollar. Moderated by Goldman Sachs Research’s Allison Nathan, the discussion covers the potential implications of a growing stablecoin market existing payment and banking systems, financial markets, and broader financial stability. This episode explores the latest Top of Mind report. This episode was recorded on July 14, 18, and August 7. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. For additional disclaimers and regulatory disclosures, please visit https://www.goldmansachs.com/insights/podcasts. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's been the summer of stablecoins.
0:08.0	The Genius Act that recently became law in the U.S. has created the first federal regulatory
0:13.3	framework for stable coins, digital currencies whose value is typically pegged to fiat currencies,
0:19.1	most often the U.S. dollar.
0:21.2	The Act requires stable coins to be fully backed by high-quality assets, such as U.S. Treasury
0:26.4	bills.
0:27.4	So does the stable coin summer have staying power?
0:30.6	And what could that mean for existing payment systems and financial stability more broadly?
0:34.9	I'm Alison Nathan and this is Goldman Sachs exchanges.
0:46.7	Each month, I speak with investors, policymakers, and academics about the most pressing market-moving issues for our top-of-mind report from Goldman Sachs research. This month, I spoke with two people
0:52.1	on opposite sides of the stable coin debate.
0:54.9	Brian Brooks is former acting comptroller of the currency, the CEO of Meridian Capital Group, and sits on the board of strategy.
1:02.6	Barry Eichen Green is a professor of economics and political science at the University of California, Berkeley.
1:08.3	I started by asking Brian how stable coins are being used today and why they
1:12.3	could become more useful and popular in the years ahead. The three most interesting uses of
1:18.1	stable coins in real life are a dollar savings products outside of the U.S. Many people believe
1:25.0	that is the single largest ultimate use case of stable coins.
1:28.7	So on that front, you've got savers or even institutional investors in countries where
1:33.6	dollar bank accounts are not widely accessible.
1:36.3	And this is a dollar equivalent product that expands demand for the dollar and creates
1:41.7	price stability and otherwise volatile or inflation-ridden economies.
1:45.2	Classic example would be people in Argentina wanting to hold USC as opposed to holding
	...

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