How do you see the future of stablecoins? For me, stablecoins are part of tokenization—and tokenization is the future. Tokenization is a big disruptive shift, like the move from CDs to music streaming. The value is the same, but it’s easier to use and move. But tokens come with new risks, just like music streaming had growing pains. Remember Napster. Remember the early days of iTunes. Even today, artists still fight about rules and payouts—my favorite band, Massive Attack, has criticized Spotify and released new remixes on Tidal instead. It will be similar with tokens and their providers. A lot will depend on the legal clarity of the backing and on how cash-out works under stress. After the Silicon Valley Bank failure, USDC briefly traded below $1, a reminder that “stable” is not the same as risk-free. There’s more in my Chicago speech: cnb.cz/en/public/media-servi… btw. This photo was taken in the beautiful new University of Chicago library. @CNB_cz @chicagoboothrev @ChicagoBooth

🚨UK GOVERNMENT TO MAKE BANTER ILLEGAL Bars and Pub staff will be expected to report people to the Police if they overhear "Conversations, Remarks, Comments or Jokes that an employee may find offensive" Lord Young explains this insanity in the clip below 👇