Michael Osborn, Heather Correia and Matthew Cahill of the US Public Finance team discuss the increasing cyber threats facing universities, state and local governments, hospitals and transit systems. Also, Pisei Chea weighs in on what recent US Census results signal about states’ economic fortunes, while Frank Mamo comments on municipalities’ prospects as they emerge from the coronavirus pandemic.

Stablecoins, a type of digital currency, have broad potential within banking and finance, and for the overall economy, as a way to process payments, develop new products and bridge the gap between physical and digital currency. They also entail new risks that could undermine financial stability and monetary sovereignty if adopted at a significant scale without a strong regulatory and oversight framework.

The G-7’s stated commitment to a global minimum corporate tax rate of 15% on a country-by-country basis would, if implemented, be mildly credit negative for Ireland, the Netherlands and other sovereigns that have used tax policy as part of a broader competitiveness strategy. The effect on corporates’ operating cash flow would be marginal.