A new milestone for the euro onchain. EURC, the largest euro stablecoin in circulation and the largest MiCA-compliant euro-denominated e-money token, has now reached €100M in circulation.

Curious about the link between the role of the US as the world's supplier of safe assets and the dollar exchange rate? Take a look at our non-technical NBER reporter piece nber.org/reporter/2024n… Future convenience yields on dollar-denominated assets are priced into the dollar

El Salvador's bitcoin payments experiment has ended after four years. Here's what the experiment taught us about bitcoin as money. My latest 👉 jpkoning.blogspot.com/2025/02/the-en…

This is an amazing 4-page paper by Jay Ritter about how he, a famous finance professor, lost a lot of money trading futures to Fischer Black, another famous finance professor. It should be required reading for anybody trading derivatives. Benn Eifert 🥷🏴‍☠️ h/t alz

This guy cracked the code to learning. At 9 — U.S. Chess Champion At 16 — Chess International Master At 20 — U.S. Martial Arts Champion At 27 — Tai-Chi World Champion (2x) Now, NBA stars & Fortune 500 CEOs pay millions for his advice. His top 7 lessons to learn anything FAST:

I wrote a blog post for an introduction to stochastic calculus! I share my perspective and intuition behind Brownian motion, the connections between random walks, Binomial and normal distributions, or Itô and Stratonovich calculus. It includes some visualizations too!

Thank you to Berkeley's Ripple Labs and Barry Eichengreen for supporting my research on stablecoins, on topics of blockchain currency markets, digital dollarization and stablecoin de-pegging risks: wbs.ac.uk/news/stablecoi…

Excellent historical perspective by ⁦Barry Eichengreen⁩ on the risks surrounding the $. ft.com/content/8a71dc…

Highly recommended! "Trump's tariffs are designed for maximum damage—to America" by Maurice Obstfeld for the Peterson Institute for International Economics "If the US economy falls into recession because of Trump's arbitrary tariffs and our trade partners' responses, its

A weaker exchange rate and tariffs couldn't help Britain compete with the US and Japan in the 1930s, and they won't help the US compete with Chinese manufacturing today, observes UC Berkeley's Barry Eichengreen. bit.ly/42oJVsL

What can we learn from the high-frequency response in bond and currency markets to the tariff announcement about the status of the US dollar as the global reserve currency? Short paper. tinyurl.com/tr8u383w joint work with Arvind Krishnamurthy, Zhengyang Jiang (Zhengyang Jiang ),

I gave a lecture at the London School of Economics on the structural changes in the global financial system and how they shed light on recent events Some highlights:

Analysis of Polymarket data suggests that a bet on "Powell out" increases the likelihood of a bet on an interest cut at the next FOMC meeting ("the revenge of time inconsistency"). But it also leads to higher expected 10-year Treasury yields and greater recession risk.

Our VoxEU column on central bank independence and blockchain prediction markets, with Barry Eichengreen, Junxuan, and Zijie Wang: cepr.org/voxeu/columns/…