Everyone’s got stablecoins on the brain

Quick TakeSome thoughts on central bank digital currenciesWe’ve talked about this in a few Interchange columns this year, but I continue to think it’s important to look at the notice the Fed issued on pass-through-investment-entities (PTIEs) to understand why the central bank is still reluctant to even consider a retail-focused CBDCIn my view, as long as the Fed maintains this position, the idea of a retail-focused central bank digital currency (CBDC) is simply a non-starter; following the the same line of reasoning as opposing narrow banking at the Fed level