Codex

Darrell Duffie of Stanford is famous for being the world’s foremost scholar of financial market plumbing. Few will know that he was also a director of The Narrow Bank (TNB), the bank the Fed quietly strangled for the crime of being too safe. In this episode we cover: Why did TNB die? What are the parallels to the state of stablecoins today, if any? Do stablecoins actually threaten bank deposits? W...

Behind closed doors, in Davos and DC, incumbent banks and challenger stablecoin companies are in the midst of a protracted fight. Should stablecoins be allowed to pay interest? Trillions of dollars are at stake. Which arguments on each side actually make sense? Will allowing stablecoins to pay yield really destroy the global economy? Omid Malekan of Columbia Business School is regarded among insid...