Uploaded December 2025 | Updated September 2026, 2 weeks ago

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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 (mercatus.org/macro-musings/austin-campbell-rise-and-regulation-dollar-backed-stablecoins) for this week's episode, now with links.


Recorded on November 14th, 2025


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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