Austin Campbell on the Rise and Regulation of Dollar Backed Stablecoins

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