Bob Murphy Show Ep. 484 Stablecoins, Gold, and the Fate of the US Dollar
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Feb 7, 2026 Adam Haman, commentator and author who writes on gold and monetary competition, joins to explore tokenized gold and stablecoins. They trace how stablecoins work, compare major issuers, and debate redemption mechanics. The conversation highlights geopolitics, BRICS alternatives to the dollar, and how blockchain changes global payment networks.
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Stablecoins Move Cash Onto Blockchains
- Stablecoins let users 'stay on blockchain' while avoiding fiat rails and volatility.
- They evolved from a crypto convenience into a global payments and settlement layer affecting banking deposits.
How Traders Used Stablecoins To Lock Gains
- Bob Murphy recounts how stablecoins let traders 'lock in' profits without leaving crypto.
- That convenience drove rapid adoption beyond the original narrow use case.
Liquidity Versus Reserve Quality
- Tether dominates market share and liquidity while USDC markets on stronger, more transparent reserves.
- Markets price these tradeoffs: liquidity versus perceived reserve quality and regulatory compliance.