Macro Musings with David Beckworth29 Jun

Yesha Yadav, Chris Odinet, and Andrea Tosato on the Moneyness of Stablecoins

Yesha Yadav is a professor of law, the Milton R. Underwood Chair, the Associate Dean & Robert Belton Director of Culture & Community, and the Co-Faculty Director, Master of Laws (LL.M) Program at the Vanderbilt University Law School. Chris Odinet is a professor of law, Mosbacher Research Fellow, and Affiliate Professor of Finance at Texas A&M University School of Law. Andrea Tosato is professor of law at the Southern Methodist University Dedman School of Law. Yesha, Chris, and Andrea join the show to discuss their avenues into stablecoin regulation, their four-part definition of moneyness (nature of the claim, safety, discharge capacity, and negotiability), how Tether and Circle stack up to these definitions, the stablecoin bankruptcy conundrum, the progress the GENIUS Act made on closing legal loopholes, their prescriptions for policymakers, and much more.

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Check out the transcript for this week's episode, now with links.

Recorded on May 20th, 2026

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Timestamps

00:00:00 - Intro

00:01:26 - Career Backgrounds of Chris, Yesha, and Andrea

00:02:35 - Background on the Paper

00:06:52 - Structure of Money

00:17:33 - Moneyness: Nature of the Claim

00:22:37 - Moneyness: Safety

00:23:45 - Moneyness: Discharge Capacity

00:30:50 - Moneyness: Negotiability

00:31:55 - How Stablecoins Currently Hold Up in Moneyness

00:58:18 - Recommendations to Policymakers

01:10:51 - Outro

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