Austin Campbell runs Zero Knowledge Group, a consulting and advising firm in the digital assets space and is an adjunct professor at New York University's Stern School of Business. In Austin's first appearance on the show, he discusses what comes next after the GENIUS Act, the debate with interest-on-reserves when it comes to stablecoins, the future of Tether, Governor Waller's proposal of skinny master accounts, the larger macro implications of stablecoins in Europe and the global South, and much more. Check out the transcript for this week's episode, now with links. Recorded on November 14th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Austin on X: @CampbellJAustin Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:38 - Austin's Career 00:04:10 - What Comes After GENIUS? 00:7:26 - Interest and Stablecoins 00:12:30 - Tokenized Deposits 00:17:01 - Future of Tether 00:29:27 - Skinny Master Account 00:35:23 - Stablecoin Regulation 00:48:46 - Macro Implications 00:54:58 - Future of the Financial System 00:57:58 - Outro

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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