Fed Study Presages House Two-Tier Stablecoin Standards
A new Federal Reserve staff note recommends a different approach to stablecoin innovation than that proposed by the President’s Working Group on Financial Markets (see Client Report CRYPTO21).

Fed’s Project Hamilton: CBDC Advances Payment Functionality, Outdoes DLT
The Boston Fed and MIT today published findings from Phase 1 of their CBDC research initiative “Project Hamilton,” which has now successfully created a core processing engine for a hypothetical CBDC.  Results also demonstrate an array of other CBDC capabilities, a finding sure to factor into the Fed’s thinking about the pace of CBDC implementation once it makes more progress on the basic “what-if” questions in its discussion draft (see FSM Report CBDC10).

McWilliams Outlines How FDIC Insurance Could Cover Stablecoins
Although Jay Powell delivered his all-important annual address atop a virtual Wyoming mountain, the Federal Reserve is nonetheless mired in the Big Muddy.