Macro Voices MacroVoices #504 Brent Johnson: The Genius of Stablecoins
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Oct 30, 2025 
Brent Johnson, Founder of Santiago Capital, dives into the transformative potential of stablecoins and their geopolitical significance. He explains the dollar milkshake theory and how stablecoins might prolong the dominance of the US dollar. Brent discusses the implications of the Genius Act on stablecoin regulation and audits, and evaluates if rival nations can create non-dollar alternatives. He also touches on the possible advantages of gold-backed stablecoins, exploring how these dynamics could reshape global monetary systems.
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US Replaces Global Financial Benchmarks
- The US has precedent for replacing global plumbing to increase control, as with LIBOR-to-SOFR transition.
- Brent argues a similar multi-year transition could relocate dollar settlement to US-favored rails.
Competitors Will Respond, But Face Hurdles
- Competitor nations will build their own stablecoins but face network effects favoring the dollar.
- Brent expects China and Russia to respond but predicts many countries lack the power to successfully displace dollar demand.
Expect Licensed, Controlled Stablecoin Systems
- The US may choose licensed, controlled stablecoin issuance rather than a decentralized ownerless system to retain sovereignty.
- Brent notes governments want more control, so state-sanctioned or licensed rails are likely outcomes.
