Professor at the Toulouse School of Economics. He won the Nobel economics prize in 2014 for his work on market power and regulation.
Tirole is a critic of stablecoins, arguing that they project security but can collapse under pressure, much as derivatives and bundles of subprime securities did before 2008. He contends that payments systems are a public good and should be built on public infrastructure—citing Brazil's and China's digital systems and the euro zone's planned central-bank digital currency—rather than speculative tokens. He has warned that the GENIUS Act's rules on redemption remain vague, and that its prohibition on stablecoin issuers paying interest does not extend to platforms such as Coinbase and PayPal, which offer backdoor rewards through rebates while escaping the regulatory costs borne by banks.
Teamwork is essential -- it allows you to blame someone else.