Wang argues that when the Fed is active in money markets, it creates greater stability and makes anyone operating in money markets safer, and if stablecoin assets are in T-bills and repo, the Fed's backstop makes stablecoin liabilities safer.
causalpending
Speaker
Joseph WangEvidence Quote
“Now, I think these two are related because when the Fed is active in the money markets, that creates greater stability and that actually makes anyone who's in the money markets a bit safer. So, if you are a fund and your assets are in T-bills and repo, you know, you have the Fed there basically backstopping this entire market. That makes on the liability side your stablecoins safer.”
Source
The Secret To Maintaining Dollar Dominance | Joseph Wang & Austin Campbell LIVE @ DAS— Forward GuidanceCreated: 8/11/2026, 8:05:39 AM
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