| India shifts 50,000 troops to the border with China. Crypto exchange Binance is banned in the U.K. And UBS will allow up to two-thirds of its workers to adopt a hybrid work-from-home/office model.Here's what you need to know to start your day. India has redirected at least 50,000 additional troops to its border with China in a historic shift toward an offensive military posture against the world's second-biggest economy. Although the two countries battled in the Himalayas in 1962, India's strategic focus has primarily been Pakistan since the British left the subcontinent, with the long-time rivals fighting three wars over the disputed region of Kashmir. Yet since the deadliest India-China fighting in decades last year, Prime Minister Narendra Modi's administration has sought to ease tensions with Islamabad and concentrate primarily on countering Beijing. Meanwhile, a bad bank in India that's expected to launch this month may help reduce one of the world's worst bad-loan piles. Crypto exchange Binance has been banned from operating in the U.K. as a regulatory crackdown spreads over concerns about money laundering and fraud. Binance said it hasn't yet launched its U.K. business and services on its website won't see a direct impact from the Financial Conduct Authority's notice. The cryptocurrency exchange is being probed by several agencies in the U.S., and Japan has warned that Binance isn't properly registered there. The FCA says crypto firms are withdrawing registration applications because they can't meet anti-money laundering standards. Crypto bulls often interpret tough regulatory action as a sign that the market is maturing. Bitcoin traded below $33,000. Asia stocks look set to trade cautiously at the open Monday as investors assess the pace of economic recovery. The Australian dollar slipped amid a virus lockdown in Sydney. Futures were little changed in Australia, Japan and Hong Kong. Global stocks ended last week at a record high as anxiety about the Federal Reserve's hawkish tilt eased, with investors dialing back concerns that U.S. policy makers will rush to boost interest rates despite mounting inflation pressures. Volatility receded, with the Cboe Volatility Index, or the VIX, sinking to pre-pandemic levels. UBS will permanently allow as many as two-thirds of its employees to adopt a hybrid model of working from home and the office, according to a person familiar with the plans, in a bid to be more competitive in recruitment compared with many U.S. banks that have taken a more hardline approach. The bank is committed to offering staff the flexibility of a hybrid work arrangement based on roles and locations, the person said. The bank's internal analysis shows that two-thirds of its workforce were in positions suitable for hybrid working. Here's a look at what the world of work might look like when Covid-19 has passed. Tesla's aspirations in China were dealt a major blow over the weekend after the government ordered that almost all the cars it's sold in the nation — more than 285,000 of them — be fixed to address a safety issue. The California-based carmaker only began deliveries of the Model Y sports-utility vehicle in January, so the recall will affect pretty much every driver who bought one. China's State Administration for Market Regulation said the vehicles' autopilot systems can be activated automatically, potentially leading to crashes from sudden acceleration. In most cases, the fix should be able to be made remotely with an online update to the cars' active cruise control feature. Tesla will upgrade the software for free. What We've Been ReadingThis is what's caught our eye over the past 24 hours: And finally, here's what Tracy's interested in todayIn last week's subscribers-only Odd Lots newsletter, I wrote about how DeFi is looking a lot like structured finance circa-2007, with Ted Spreads and securitizations of future cashflow and so on. There are other ways crypto is starting to resemble the traditional financial system it's meant to replace or disintermediate (depending on who you talk to) and it seems like central bankers are increasingly waking up to that fact.
Here for instance is Federal Reserve Bank of Boston President Eric Rosengren talking about stablecoins and their resemblance to traditional money market funds in that they create "money-like" assets out of short-term credit like commercial paper: "The reason I talked about tether and stablecoins is if you look at their portfolio, it basically looks like a portfolio of a prime money market fund but maybe riskier. We actually had a stablecoin that ran into financial difficulties last week. Tether, as you highlighted, has a number of assets that, during the pandemic, the spread got quite wide on those assets. The Fed intervened in order to make sure that short term credit markets continued to operate. And the reason we should be a bit concerned about stablecoin is that its growing very rapidly so there's exponential growth in stablecoin. The prime money market funds have been slowly going down as people have looked for a less risky way to hold their transactions accounts and many of them have moved to government money market funds. But I do think we need to think more broadly about what could disrupt short term credit market..."
There's still a huge question mark over exactly what Tether is investing in. The suggestion here is that despite the protests of crypto proponents, the Fed already bailed out Tether in March of last year by soothing the credit markets it invests in. That's a pretty big change to how central banks are thinking about crypto — as part of the financial architecture (for better or worse) rather than something separate to it. You can follow Tracy Alloway on Twitter at @tracyalloway. | 
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