The Daily Peg
The rails that stablecoins circulate on are potentially a bigger source of fragility than stablecoin liquidity or reserve backing, says a new Fed thought piece.
Editorial hello
I’m going to use today’s greeting as an excuse to remind everyone to sign up for Stablecoins Unblocked 2026, which is taking place on Wednesday, July 1. The conference is the UK’s premier full-day conference dedicated to the global impact of stablecoins. What’s more, I will be moderating a panel on the geopolitics of stablecoins on the day. Peg subscribers get a 20% discount. To get the code, continue to the end of today’s newsletter.
