The future of financial intermediation and stablecoins with or without the Clarity Act

Stablecoins are becoming an increasingly important component of the future financial system, raising questions around payments, financial intermediation, the role of the US dollar and the continued adoption of technological innovation financial services. Against the backdrop of the US’s digital asset regulatory framework and the uncertain future of the Clarity Act, considerations around stablecoin rewards, bank deposits and the future role of banks are also coming into sharper focus.

Nellie Liang, senior fellow at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution and former under secretary for domestic finance at the US Treasury Department (2021–25) and Timothy Massad, research fellow at Harvard Kennedy School and former chairman of the US Commodity Futures Trading Commission (2014–17), join OMFIF US President Patricia Haas Cleveland to share their perspectives on how these developments are reshaping the US financial system.