Reading List

On this page, I share the most interesting content I have been reading recently:

May 2026:

Banks in the Age of Stablecoins: Lessons from Their Historical Responses to Financial Innovations – Fed (note), May 2026: Previously, we have argued “if large scale adoption [of stablecoins] did happen, traditional financial institutions would respond with innovation… which would reduce deposit loss.” This note from the Fed illustrates this may happen again, in line with several historic parallels:

“banks typically respond to disintermediation threats from financial innovations not by passively accepting disintermediation, but by adapting through regulatory, product, and strategic responses. When new instruments compete with banks, whether money market funds (MMFs) in the 1970s which offered higher yields and competed for savings balances, or online payment platforms like PayPal and Venmo more recently which offered superior transaction technology and competed for payment volumes, banks initially f…