1 rich Libsyn https://www.libsyn.com 90 600 Nellie Liang is a former Treasury and Federal Reserve official and a senior fellow at the Brookings Institution. In Nellie's first appearance on the show, she discusses the future of stablecoins following the GENIUS Act, what stablecoins mean for private money and illicit finance, Fed master accounts, the global role of the dollar, and much more. Watch&amp;nbsp;the&amp;nbsp;full length video&amp;nbsp;on our new YouTube Channel! Check out the&amp;nbsp;transcript&amp;nbsp;for this week’s episode, now with links. Recorded on August 18th, 2026 Subscribe to David's Substack:&amp;nbsp;Macroeconomic Policy Nexus Follow David Beckworth on X:&amp;nbsp;@DavidBeckworth Follow the show on X:&amp;nbsp;@Macro_Musings Check out our Macro Musings&amp;nbsp;merch! Timestamps 00:00:00 - Intro 00:01:23 - Nellie's Career 00:05:48 - The GENIUS Act 00:11:31 - Stablecoins as Private Money 00:27:32 - Fed Master Accounts 00:29:53 - Dollar as Global Reserve Currency 00:35:42 - Stablecoins and US Debt 00:46:49 - Nellie's Policy Recommendations 00:50:11 - Outro Macro Musings with David Beckworth https://macroeconomicpolicynexus.substack.com/ <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/42875180/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/content/206212445