Two parallel monetary systems – one based on public monies issued in China, India, and maybe the eurozone, and the other comprising private money, increasingly dominated by dollar-pegged stablecoins – appear to be emerging. Central bankers are not the only ones who should feel anxious.
ATHENS – The Spring Meetings of the International Monetary Fund and the World Bank are usually placid, forgettable affairs. Not this year. Several central bankers returned home with a visceral sense of dread. The reason? The specter of the GENIUS Act – the stablecoin bill barreling toward passage by the US Congress hot on the heels of President Donald Trump’s March 6 executive order establishing a strategic cryptocurrency reserve.
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