JEAN TIROLE
Innovation should enhance economic fundamentals, not erode them. With enthusiasm for crypto remaining strong, speculative unbacked tokens and lightly regulated stablecoins must be contained before they threaten financial stability and become part of the shadow banking sector.
TOULOUSE – The fascination with cryptocurrencies shows no sign of fading. With the passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in July 2025, US lawmakers added to the sense that crypto is here to stay. But look beyond the hype and an uncomfortable issue remains unresolved: Are cryptocurrencies a genuine innovation capable of serving the common good, or a speculative threat to financial and social stability?
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