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This is John Batchel, speaking to colleague

John Cochran, Professor John Cochran of the Hoover Institution, writing his grumpy economist blog.

He's very cheerful. About stable coin, one of the cryptos that is attracting a lot of attention

and news. I asked John straight up, is it trustworthy?

Do you recommend?

And he has a complicated answer, but it comes to a yes, stable coin.

There is an if.

More of this tonight.

Here's John.

No, stable coins are a fine idea, in part a fine idea for getting around senseless regulations, and in part of fine idea all on their own.

A stable coin just implements a money market fund.

You own a share of short-term treasuries, which is the safest thing on the planet.

Better yet, if the Fed would allow it, you own a share of interest-pay treasuries, which is the safest thing on the planet. Better yet, if the Fed

would allow it, you own a share of interest-paying reserves, just like a money-market fund.

And so long as it is run correctly that the underlying securities are there, it's as safe as a

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