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FengBaobaovip
· 06-30 03:55
At the intersection of the narratives of "Central Bank Digital Currency" and "USD Stablecoin," what is truly worth following is: who can touch the Federal Reserve's balance sheet? This article explores two seemingly unrelated yet closely related events, TNB( The Narrow Bank ) and Circle ( USDC issuer ), to show you how stablecoin issuers are silently challenging the current financial order with "institutional options."

TNB Case: An Unwritten Institutional Conflict

TNB was founded by former New York Federal Reserve executive James Mc Andrews, claiming to "only accept deposits, not lend, and not bear credit risk." This narrow bank applied for a Federal Reserve master account starting in 2017, but after six years of litigation and losing, it was officially rejected in 2023.
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