Austin Campbell on the Rise and Regulation of Dollar Backed Stablecoins
Description
Austin Campbell runs Zero Knowledge Group, a consulting and advising firm in the digital assets space and is an adjunct professor at New York University's Stern School of Business. In Austin's first appearance on the show, he discusses what comes next after the GENIUS Act, the debate with interest-on-reserves when it comes to stablecoins, the future of Tether, Governor Waller's proposal of skinny master accounts, the larger macro implications of stablecoins in Europe and the global South, and much more.
Check out the transcript for this week's episode, now with links.
Recorded on November 14th, 2025
Subscribe to David's Substack: Macroeconomic Policy Nexus
Follow David Beckworth on X: @DavidBeckworth
Follow Austin on X: @CampbellJAustin
Follow the show on X: @Macro_Musings
Check out our Macro Musings merch!
Subscribe to David's new BTS YouTube Channel
Timestamps
00:00:00 - Intro
00:01:38 - Austin's Career
00:04:10 - What Comes After GENIUS?
00:7:26 - Interest and Stablecoins
00:12:30 - Tokenized Deposits
00:17:01 - Future of Tether
00:29:27 - Skinny Master Account
00:35:23 - Stablecoin Regulation
00:48:46 - Macro Implications
00:54:58 - Future of the Financial System
00:57:58 - Outro
United States
