The Digital Frontier: Implications of Stablecoins for Financial Stability



Department(s)

Michael D. Bordo is an emeritus Board of Governors Professor of Economics, an emeritus Distinguished Professor of Economics, and a former director of the Center for Monetary and Financial History at Rutgers University. Currently, he is a distinguished visitor at the Griswold Center for Economic Policy Studies at Princeton University; and the Ilene and Martin Harris Distinguished Visiting Fellow at the Hoover Institution at Stanford University. He has held previous academic positions at the University of South Carolina and Carleton University. He has been a visiting professor at UCLA, Carnegie Mellon University, Lund University, the Stockholm School of Economics, the Paris School of Economics, the London School of Economics, Princeton University, Harvard University, and Cambridge University, where he was Pitt Professor of American History and Institutions. Bordo has been a visiting scholar at the International Monetary Fund, The Federal Reserve Banks of St. Louis, Cleveland and Dallas, the Federal Reserve Board of Governors, the Bank of Canada, the Bank of England, the Banque de France, Norges Bank, the Riksbank, the Banca D’Italia, and the Bank for International Settlements. Bordo is a research associate of the National Bureau of Economic Research. He is also a member of the Shadow Open Market Committee. He has a BA degree from McGill University, an MSc in economics from the London School of Economics, and a PhD from the University of Chicago. He has published many articles in leading scholarly journals and 29 books on monetary economics and monetary history. He is editor of a series of books for Cambridge University Press: Studies in Macroeconomic History.

William C. Dudley is a Griswold Center for Economic Policy Studies senior advisor in the Department of Economics at Princeton University, after serving as the inaugural senior research scholar from 2019-2021. Dudley also chairs the Bretton Woods Committee, and co-leads its Digital Finance Project Team and is a member of its Sovereign Debt Working Group and Multilateral Reform Working Group; and is a member of the Group of Thirty and the Council on Foreign Relations. Dudley served as the tenth president and CEO of the Federal Reserve Bank of New York from 2009-2018, and as vice-chairman of the Federal Open Market Committee (FOMC). Previously, he served as executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account for the FOMC. Prior to joining the Bank in 2007, he was a partner and managing director at Goldman, Sachs & Company and was the firm’s chief U.S. economist for a decade. Prior to joining Goldman Sachs in 1986, he was a vice president at the former Morgan Guaranty Trust Company. Dudley holds a BA in economics from New College of Florida, and a PhD in economics from the University of California, Berkeley.

Carolyn A. Wilkins is a Griswold Center for Economic Policy Studies senior policy scholar in the Department of Economics at Princeton University, after serving as the senior research scholar from 2022-2025. Wilkins also is an external member of the Financial Policy Committee at the Bank of England. Wilkins also co-leads both the Bretton Woods Committee Digital Finance Project Team and serves on the board of directors at Intact Financial Corporation, a company that provides property and casualty insurance in Canada and specialty insurance in North America and Europe. In 2022-23, she co-led the independent review of the Reserve Bank of Australia. Previously, Wilkins had a twenty-year career at the Bank of Canada (2000-2020). She served as its senior deputy governor from 2014 to 2020. Her role included setting monetary and financial system policies with the Governing Council, and overseeing strategic planning and economic research. Wilkins led the development of the Bank of Canada’s market liquidity facilities and large-scale asset purchase program as part of its response to COVID-19. She has contributed to international financial policies over her career, most recently as the Bank of Canada’s G20 and G7 deputy and member of the Financial Stability Board. She has published and spoken on a broad range of international issues, including economic resilience, global financial regulation, and fintech. Wilkins was awarded an honorary doctorate from Wilfrid Laurier University, and received an MA from the University of Western Ontario and a BA from Wilfrid Laurier University, both in economics.