← The Polylog Crypto Intelligence Brief
Morning Edition · Sunday, September 6, 2026Published at 2:01 AM EDT · New York
Fed Staff Say the Same Dollar Behind a Stablecoin Can Be Counted Twice in the Money Supply
A Bank of Korea study published the same week finds that buying pressure in local-currency stablecoin pairs on Binance moves alongside depreciation of those currencies.
A staff note from Federal Reserve economists examines where dollar stablecoins belong in the official money aggregates and reaches an uncomfortable result. Classification is possible in principle, but reserve overlap and offshore circulatio…
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