by Sebastian Schich | Mar 27, 2026 | Anchor assets, Crypto assets, fiat currencies, Fintech, Global digital anchor, Global digital anchor, Stablecoins
Stablecoin market growth and the US dollar The stablecoin market has grown from USD 5 billion in 2020 to over USD 300 billion in early 2026; it might reach between USD 1 to 3 trillion by 2030, according to Federal Reserve staff. USD‑pegged stablecoins —crypto assets...
by Sebastian Schich | Mar 3, 2026 | AI, Artificial intelligence, ChatGPT, GenAI, Sycophancy
Sycophancy and the Future of Human Autonomy Generative artificial intelligence (GenAI) now sits in the middle of many human–machine interactions, from fact‑checking to drafting text. It promises to diagnose human biases, nudge us toward better decisions, and separate...
by Sebastian Schich | Aug 31, 2025 | Anchor assets, central bank independence, Crypto assets, Global digital anchor, Global digital anchor, Stablecoins
The current US executive’s attack on the top officials of the Federal Reserve is a sharp affront to decades of hard-won wisdom in central banking—wisdom painstakingly gained through policy errors and inflationary crises, and also credited with delivering stable and...
by Sebastian Schich | Jan 10, 2025 | Anchor assets, Crypto assets, fiat currencies, Safe haven asset, Stablecoins
Stablecoins are not robust anchors. In volatile financial markets, safety and stability are desirable. Hence, investors seeking refuge from economic uncertainties often gravitate towards safe-haven assets. Safe haven assets maintain or increase their value during...
by Sebastian Schich | Apr 13, 2024 | AI, Artificial intelligence, ChatGPT, GenAI, Google job search, Natural language models
Embracing individual morality in generative artificial intelligence The release of ChatGPT by OpenAI in late 2022 may well have been a tipping point for artificial intelligence. Since then, generative artificial intelligence (GenAI) models have moved beyond generating...
by Sebastian Schich | Nov 16, 2023 | Uncategorized
Yoann Ximenes at Paris Photo Days Photographers have made efforts to visualise sound waves for some time now. A recent notable effort is “Matières d’Écho,” an exhibition that showcases the work of plastic artist Yoann Ximenes. The exhibition runs...
by Sebastian Schich | Sep 14, 2023 | bank levy, Ending too-big-to-fail, financial safety net, financial sector guarantees, financial support for SMEs, implicit guarantees, TBTF, too-big-to-fail, why banks are special
Banking sector extraordinary privileges Banks benefit from an extraordinary privilege: in times of impending systemic financial crises, governments act as guarantors of last resort for banks’ financial obligations. This privilege is not paid, at least not...
by Sebastian Schich | Jul 20, 2023 | financial safety net, financial sector guarantees, financial support for SMEs, implicit guarantees, TBTF, too-big-to-fail
Financial sector guarantees are a key public policy tool All financial claims are risky. Against this background, governments have traditionally provided support for guarantees of financial claims, provided they of public policy interest. This choice is based on the...
by Sebastian Schich | Jul 19, 2023 | AI, Artificial intelligence, ChatGPT, Google job search
The ChatGPT announcement triggered searches for jobs in functions exploiting artificial intelligence (AI). While it also heighted job security concerns, Google job search trends suggest that people, rather than sitting idle, react by exploring associated new...
by Sebastian Schich | Jun 21, 2023 | bank "specialness", financial safety net, financial sector guarantee, Fintech, why are banks special, why banks are special
Will fintech make banks less “special”? The short answer is no. Banks manage two sets of cash flows – deposits and loans – and provide two key services – liquidity provision and maturity transformation. Banks provide these services in bundled form. As a result of...
