Subscribe to the new Macro Musings YouTube Channel! Neha Narula is the director of the Digital Currency Initiative which is based out of the Media Lab at MIT. Anders Brownworth is veteran software engineer in the crypto space and is a Senior Research Advisor at DCI. Daniel Aronoff is Research Affiliate in the MIT Department of Economics and a Collaborator at DCI. Neha, Anders, and Daniel join the show to discuss their work at DCI, the current state of stablecoins, their paper on the hidden plumbing of stablecoins, the basic mechanics of stablecoins, the technical and operational risks of stablecoins, the implications for the treasury market, interoperability between blockchains, and much more. Check out the transcript for this week's episode, now with links. Recorded on February 27th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Neha Narula on X: @Neha Follow Anders Brownworth on X: @Anders94 Follow Daniel Aronoff on X: @DanAronoff Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:41 - Background of the Group 00:03:11 - Digital Currency Initiative 00:05:36 - State of Stablecoins 00:10:42 - Hidden Plumbing of Stablecoins 00:15:42 - Basic Mechanics of Stablecoins 00:26:07 - Technical and Operational Risks of Stablecoins 00:39:09 - Implications for the Treasury Market 00:48:18 - Business Model of Stablecoins 00:49:24 - Interoperability Between Blockchains 00:52:53 - What's the Deal with Tether? 00:56:23 - Outro

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