Yiming Ma from Columbia Business School and Anthony Zhang from UChicago explore the intricacies of stablecoins and their impact on financial stability. Learn about the critical role of arbitrage in maintaining price stability and the potential risks associated with these digital assets. Check out their paper here.
Yiming Ma
Associate Professor of Business at Columbia Business School
Anthony Lee Zhang
Associate Professor of Finance at the University of Chicago
Our podcast feels like having a coffee with the people shaping the future of blockchain and crypto regulation throughout the world. We’re curious, we ask bold questions, and we keep the conversation clear and real.
This episode offers a 2026 midyear global check-in on crypto policy and focuses on where the conversation is gaining real momentum. It covers tokenization, the US legislative moment around the Clarity Act and stablecoin rule-making, the MiCA review process in Europe, and the continued importance of keeping infrastructure providers out of intermediary categories that do not fit what they do. Taken together, these issues offer a useful snapshot of how the policy landscape is shifting across major jurisdictions. Stay updated and get even more details in our policy comment letters. Listen on Spotify and Apple Podcasts
Erwin Voloder of Blockchain for Europe joins us to unpack why euro stablecoins still struggle to gain traction under MiCA, despite Europe’s push for regulated digital finance. From remuneration and reserve design to legal uncertainty and central bank infrastructure, this episode looks at the frictions shaping the market now and the monetary future Europe may be building toward. The conversation is grounded in Blockchain for Europe’s report, Reforming MiCA for Euro Stablecoins: A Status Report, which lays out a sharper case for recalibrating key parts of the current framework. Check out the full report: https://www.blockchain4europe.eu/wp-content/uploads/2026/04/Reforming-MiCA-for-Euro-Stablecoins-26426.pdf 🎧 Listen on Spotify & Apple Podcasts
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