Luke Pardue

Policy Director at the Aspen Institute’s Economic Strategy Group (AESG), where he advances evidence-based economic policy research focused on helping businesses, workers, and families thrive. Previously an economist at Gusto, he also held research roles at the U.S. Census Bureau and Federal Reserve Board.

Stablecoins Could Expand Dollar Use and Concentrate Demand for Treasury Bills

Nellie Liang of the Brookings Institution argues that stablecoins could widen global access to dollar-denominated value and add demand for Treasury bills, but only if their growth expands the dollar market rather than shifts money from existing dollar instruments. In her paper with Brent Neiman, Liang contends that the potential gains in payments and dollar use carry policy costs: regulators must address illicit-finance risks and possible losses of bank lending, while Treasury must account for reserve demand concentrated in short-term debt.

The Aspen InstituteAug 21, 20268 min read