Macroscopic Podcast Brent Johnson: Stablecoins Could Replace the Fed
Mar 26, 2026
Brent Johnson, founder of Santiago Capital and macro commentator on monetary systems, stablecoins, and precious metals. He explores how stablecoins might reshape global commerce and U.S. monetary influence. He discusses dollar dominance, risks from eurodollar dynamics, the onshore versus offshore stablecoin battle, and how stablecoins could bypass banks and alter geopolitics.
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Fed Facing Political Pressure And Transition
- The Fed is effectively a lame-duck institution facing political pressure and likely to follow administration wishes on rate cuts.
- Brent Johnson expects a transition to a new chair (Warsh) who may also cut rates but could face a crisis early in tenure.
Dollar Can Be Used As A Geopolitical Weapon
- The U.S. can weaponize dollar access to influence other countries, causing currency collapses and social unrest.
- Brent cites recent Treasury actions restricting dollar access to Iran as a concrete example that triggered local currency collapse and protests.
Eurodollar Fragility Could Trigger Dollar Spike
- A global eurodollar credit contraction could create a scramble for dollars, driving the dollar higher due to limited available claims.
- Brent points to BIS studies and vast off‑balance eurodollar exposures as the source of an $80 trillion dollar hole.