Curriculum Vitae
Gordon Y. Liao serves as Chief Economist and Head of Research at Circle (NYSE: CRCL), the issuer of USDC, where he leads economic research and R&D spanning stablecoin capital adequacy (the Token Capital Adequacy Framework), the design of Arc, an economically-secured Layer-1 blockchain, and post-quantum security for digital assets. His career bridges traditional finance and digital assets: he advised on short-term funding markets as a senior economist at the Federal Reserve Board of Governors, led research at Uniswap Labs, worked on machine learning and AI at Kensho Technologies, and managed fixed-income portfolios at Harvard Management Company. His academic research on exchange rates, credit markets, and stablecoins appears in the Review of Financial Studies, the Journal of Financial Economics, and the Journal of Financial Regulation. He is a CEPR Research Affiliate, a Cornell FinTech Fellow, co-chair of the NABE Finance Roundtable, and a member of a World Economic Forum Global Future Council. His work has been featured in Bloomberg, the Wall Street Journal, the Financial Times, and Barron's. He holds a Ph.D. and A.M. in Economics and an A.B. in Applied Mathematics from Harvard University.