Manmohan Singh is a senior economist at the International Monetary Fund and works on rehypothecation, shadow banking, the plumbing of the monetary system, and more. Manmohan joins Macro Musings to talk about stablecoins, central bank balance sheets, central bank digital currencies, and their broader implication for central banks. David and Manmohan specifically discuss the role and structure of stablecoins, the impact of collateral within the financial system, how the Fed have looked to address plumbing issues within this system, and more.   Take the Macro Musings listener survey here.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Manmohan’s VoxEU profile: https://voxeu.org/users/manmohansingh0 Manmohan’s Risk.net archive: https://www.risk.net/author/manmohan-singh   Related Links:   *Interoperability of Stablecoins* by Manmohan Singh, Caitlin Long, and Charles Kahn https://www.centralbanking.com/fintech/7892256/interoperability-of-stablecoins   *How to Stop Stablecoins from Hoarding Precious Collateral* by Manmohan Singh and Caitlin Long https://www.risk.net/comment/7948696/how-to-stop-stablecoins-from-hoarding-precious-collateral   *Money is Privacy* by Charles Kahn, James McAndrews, and William Roberds https://www.jstor.org/stable/3663561   *Investors Withdraw Over $7 Billion from Tether, Raising Fresh Fears About Stablecoin’s Backing* by Ryan Browne https://www.cnbc.com/2022/05/17/tether-usdt-redemptions-fuel-fears-about-stablecoins-backing.html   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth