The Genius Act has opened the door for stablecoins to operate as legal currency in the United States, raising fundamental questions about their viability. Financial historian Brendan Greeley joined Katie Martin and Rob Armstrong on the Financial Times Markets podcast to examine whether introducing a digital competitor to the dollar makes economic sense.

This legislative shift represents a significant departure from traditional monetary policy, potentially reshaping how Americans interact with digital assets. The discussion explored the technical and economic challenges of maintaining stablecoin value while competing with established fiat currency systems that have evolved over centuries.

The podcast conversation highlighted the complex balance between innovation and stability in financial markets. As stablecoins gain legal recognition, regulators and market participants must grapple with how these digital assets will coexist with traditional banking systems and whether they can truly maintain the stability that their name promises.