The Daily Peg
Perpetual futures 24/7 trading is go, plus some deep thoughts on future 'electro yuan' dominance.
Industry news
Circle Plunges Amid Stablecoin Legislation As Tether Prepares Full Audit
https://www.zerohedge.com/markets/circle-plunges-most-ever-stablecoin-legislation-tether-prepares-full-audit
Wall Street-Backed Crypto Exchange Targets Asia FX Market With Won Stablecoin
https://www.bloomberg.com/news/articles/2026-03-23/wall-street-backed-crypto-exchange-targets-asia-fx-market-using-won-stablecoin
Deep thoughts
Flament & Colin on Petrodollars Versus Electro-Yuans
The virtual storage and demand-response layer that sits on top of this [electro] infrastructure will be settled in a currency, and China will make sure that currency is not the dollar. Beijing is building a programmable settlement layer in digital yuan, integrated into its sovereign grid infrastructure and deployed across every country that buys the package. Whoever builds the grid chooses the currency, and whoever chooses the currency runs the next reserve system.
Marieke Flament and Nicolas Colin, Currency of Power
Statecraft
Trump Accuses Big Banks of Trying To Sabotage The Genius Act And Stall Crypto Progress
Stablecoins Could Shape Financial Competition Between China And The US
https://www.scmp.com/economy/china-economy/article/3347710/gary-liu-and-liu-xiaochun-what-role-stablecoins-could-play-china-and-us?
“Hong Kong’s coming stablecoin licences are a good example of how “one country, two systems” works. Hong Kong remains a unique market for global financial innovation, and our government is committed to strengthening the city’s positioning as an international finance hub through web3 technologies and digital assets.”
Gary Liu is the co-founder and CEO of Terminal 3
Australia Pushes Forward With National Tokenization Strategy
https://www.theblock.co/post/395000/australia-tokenization-drive?
Political Economy Of CBDCs Examined By Economist Dirk Niepelt
https://www.centralbanking.com/fintech/cbdc/7975410/dirk-niepelt-on-the-political-economy-of-cbdc
Central banks
Richmond Fed Explores Economic Implications Of Digital Money Systems
https://www.richmondfed.org/publications/research/economic_brief/2026/eb_26-10
If stablecoins are predominantly backed by dollar assets, their growth increases the global demand for safe dollar instruments. In this case, stablecoins act as an additional layer of intermediation, allowing a broader set of investors to access dollar-backed safe assets. By contrast, if stablecoins are primarily backed by digital assets, they can reduce the need to hold U.S. government debt directly, weakening demand for traditional reserve assets.
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In the model, the expansion of stablecoins leads to a lower natural interest rate in the U.S., even in the absence of changes in monetary policy or fiscal conditions.
This mechanism also implies that the U.S. can sustain larger net foreign borrowing, reinforcing the privileged position of the dollar in the global financial system rather than eroding it. What initially appears to be a challenge to the dollar can — under plausible institutional arrangements — become a force that strengthens it.
Marina Azzimonti and Vincenzo Quadrini, Richmond Fed
Regulation
UK Grassroots Crypto Campaign Targets House Of Lords To Reshape Banking
https://www.cityam.com/grassroots-crypto-campaign-house-of-lords-reshape-banking/
Markets & Trading
ARK Invest Buys $16 Million Worth Of Circle Shares
https://www.theblock.co/post/394966/ark-invest-buys-16-million-circle?
Pereptual futures
Coinbase Introduces Stock Perpetual Futures Trading Enabling 24/7 Stock Trading
https://finance.yahoo.com/markets/options/articles/coinbase-global-launches-stock-perpetual-182400082.html
Tokenized S&P 500 Trading Now Available To Investors
https://finance.yahoo.com/news/now-trade-official-p-500-173838505.html
CBDCs
ICYMI: A Deep Dive on How China’s CBDC Architecture is Evolving
https://orfme.org/research/chinas-evolving-cbdc-architecture
“The decision to make the e-CNY interest-bearing could meaningfully strengthen its domestic appeal and accelerate adoption, although its longer-term impact will only become clear over time.”
The Observer Research Foundation Middle East