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As monetary decisions now dictate the pace of global markets, the White House is preparing to shake up the institutional chessboard. Donald Trump has announced that a change at the head of the Federal Reserve could be decided “very soon”. From Air Force One, he is directly reigniting his battle with Jerome Powell, against the backdrop of lasting disagreements over interest rates. By threatening the Fed’s independence, Trump revives an old rift, with major economic and political implications. After painting a bleak picture of the American economy in a recent speech, Jerome Powell has fueled Donald Trump’s anger, who accused him of hindering the recovery. As he addressed journalists aboard Air Force One, the president announced that the appointment of a new leader at the head of the Federal Reserve would be “very soon” made official, opening a new chapter in their open confrontation. At a conference held in Mar-a-Lago in August 2024, the president accused Powell of being “always too slow” in his decisions. Since his return to power, pressure has intensified, with an overt attempt to bypass the institutional safeguards that protect the central bank’s independence. In April 2025, the Trump administration appealed to the Supreme Court to assert the right to dismiss leaders of independent federal agencies, a move perceived by observers as a targeted attack against Powell. Here are the main highlights of this escalation : These statements are part of a clear political will to impose a rapid interest rate cut. Trump pointed out that the European Central Bank had already begun a monetary easing cycle and criticized the Fed for its inaction. By demanding an immediate turn in rate strategy, the president wants to align monetary policy with his economic priorities. However, this stance is raising serious concerns. By seeking to reshape the Fed, Trump directly questions its independence, a fundamental principle of American economic governance for over a century. In this tense context, one name keeps coming up persistently within circles close to the presidency: that of Kevin Warsh. Former Federal Reserve governor, Warsh is known for his critical stance towards the flexible monetary policies pursued in recent years. When a journalist asked if he was considering appointing him as head of the Fed, Trump replied that Warsh was “highly respected”. This tacit endorsement could signal a radically different direction for the Fed. Warsh opposed the massive expansion of the central bank’s balance sheet, which he considers responsible for worsening federal debt and inflation surges. Unlike Powell, who conducted several quantitative easing campaigns, Warsh favors a more restrictive approach. He believes support measures should be reserved for emergency situations, and that the Fed must avoid excessive market intervention. His appointment would be seen as Trump’s attempt to regain control over monetary policy by imposing a more disciplined profile, less prone to preventive interventions. This course correction could reassure some economic actors concerned about debt but also create new uncertainties for financial markets, including cryptocurrencies particularly bitcoin. As the clash between Donald Trump and Jerome Powell reaches its peak , a change at the head of the Fed in such a tense context could have multiple repercussions. In the short term, a rapid rate cut could energize crypto and stock markets. However, in the longer term, a Fed perceived as aligned with the executive power could weaken the credibility of U.S. monetary policy, fuel volatility, and trigger negative reactions from international institutions. In this game of influence with systemic implications, the Fed’s independence appears more than ever as a major strategic issue.

If Aave was a US bank, it would be the 85th largest in AUM Higher.

Airwallex CEO questions the practicality of stablecoins: it is difficult to replace traditional cross-border payments Jack Zhang, co-founder and CEO of Airwallex, posted on the X platform questioning the actual use of stablecoins. He said: Investors keep asking me about stablecoins and how they can reduce foreign exchange fees; if you transfer money from US dollars to euros, and the recipient still needs to receive the euros at their bank, I don’t see any way for stablecoins to reduce fees - the conversion cost from stablecoins to the receiving currency is much higher than the foreign exchange interbank market. Cryptography is an area that has not been understood, and no application cases of cryptography have been seen in the past 15 years.

While this article deals with disruptions by AI, the same applies to payment companies. I put my words here: most payment companies either have to adopt stablecoins, or they are faded out in the stablecoin era. While @Airwallex had to wrangle 60+ licenses and spend years patching pre-internet FX rails to reach today’s G10 performance, small teams can launch bank-grade payments, anywhere, in weeks, via the stablecoin payment infrastructure. This is the actual innovation with improvement of efficiency by orders of magnitude.

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