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The Daily Peg
Behold, the first edition of our daily linkfest!
3 hrs ago
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Izabella Kaminska
Stablecoins, scarce reserves, and the end of intraday liquidity complacency
A new BIS Working Paper is pitching "auction-based liquidity saving mechanisms" as the solution to upcoming intraday liquidity stresses.
17 hrs ago
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Izabella Kaminska
1
The Peg in 2026
Looking ahead. Plus, reflections on the past year.
Dec 21
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Izabella Kaminska
LONG READ: The untold story of how crypto's hottest derivative came to be
Born in the back of a Shanghai taxi in 2015, BitMEX’s perpetual future became crypto’s defining derivative. Now it may hold lessons for rescuing the…
Dec 11
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Izabella Kaminska
11
1
2
Opinion: The pathway to stable eurodollars includes interest
Vivek Oberoi, a finance and payments professional based in New York, argues regulators should accept that yield-bearing stablecoins are inevitable.
Dec 10
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Vivek Oberoi
3
1
**Operational update**
A quick note about how the Peg is evolving.
Dec 9
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Izabella Kaminska
2
4
November 2025
The man with the shadow bullion bank
Theories about why Tether is piling into gold abound. But there's no mystery. Basel III has constrained bullion banks, leaving ample opportunities for…
Nov 27
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Izabella Kaminska
5
2
The Peg’s festive dinner debate
Join us to chat stablecoins, statecraft, and the future of money with finance author Felix Martin, stablecoin entrepreneur Tony McLaughlin, and fintech…
Nov 24
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Izabella Kaminska
1
2
The Weekly Peg: Making seigniorage great again
Academics warn stablecoins will shift seigniorage from governments to private firms, plus banks get the go-ahead to hold crypto to fund gas fees for…
Nov 23
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Izabella Kaminska
The Weekly Peg: An academical deluge
Eichengreen, Cecchetti, Garratt, Portes, Andolfatto, Uhlig, Wu all talk stablecoins.
Nov 18
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Izabella Kaminska
3
1
The Weekly Peg: If the mountain won't come to JPM, let JPM come to the mountain
As tokenized deposits rain on the stablecoin parade, the fintech life cycle nears completion. Fragmentation is becoming untenable. Plus, yen stablecoins…
Nov 17
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Izabella Kaminska
1
1
Chart of the day: What are stablecoins really made of?
Flagging one of the most interesting charts from CEPR's latest Frontiers of Digital Finance report.
Nov 17
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Izabella Kaminska
5
1
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