A Bretton Woods for the digital-currency era? Will we see more global coordination on digital assets?
Sunday marks the 50th anniversary of what has been described as the dropping of a “monetary bombshell” on the world financial system, when President Richard Nixon announced that the U.S. dollar would no longer be pegged to gold GC00, +0.15%, effectively yanking America out of an international currency regime established by the Bretton Woods agreement.
Warren said that “the present [monetary] situation isn’t working for enough people effectively,” and underscored the economic gaps between countries as one key reason a sweeping digital-era Bretton Woods could be effective. Meanwhile, the supply of stable coins, like Tether USDTUSD, -0.01% and Circle-backed USDC digital currencies usually underpinned by a fiat currency or some other traditional asset to keep values fixed, has climbed by 900% to over $100 billion from a year ago, the Block reported in late May.
Kenneth Rogoff, a professor of economics and public policy at Harvard University, told MarketWatch in a Friday phone interview that he can understand why stablecoin supply, in particular, has exploded. “The endgame is this: How can we regulate [digital currencies] so that the central bank feels comfortable that they will be your lender of last resort?” Rogoff said.
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