Thank you Charles for your comment! I really enjoyed Grant's when his writing was available to me at a prior role.

While I do not know Mr. Grant's specific remarks on stablecoins to comment, it would make sense for him to take a cautious view, as interpreted from his remarks during a recent interview with a podcast host (Jul 2, 2025):

1. Never queue up to buy anything (if an asset is all the rage, Grant would not be standing in line), try to be clear headed over FOMO.

2. Grant relies on his decades-long experience with interest rates products and precious metals. In comparison, the newer asset types have shorter track record during asset market downturns. Are the emerging digital assets capable of insuring portfolios "against the fragility of the human condition and of human judgement" and act as "antidote to the shortcomings of bad banking and bad central banking" (these are Grant's exact words)? He didn't elaborate, but he seems to prefer gold in that role over other alternatives.

I am curious if Grant has focused on stablecoins' role that more closely coupled DeFi with traditional finance, but if he is still bearish on bonds, then an asset issued by an entity that uses bonds as collateral could give him second thoughts. It would truly be a privilege to discuss this with Grant and hear his thoughts on the matter.