Stablecoins: A Brave New World?

A. Melachrinos, C. Pfister
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引用次数: 10

Abstract

At the root of the notion of stablecoin (SC) lies a desire to reconcile two different worlds: that of legal currency, whose essential attributes are hierarchical order, the vocation to uniqueness and stability of the purchasing power, and that of crypto-assets, featuring decentralization, multiplicity and thus the possibility of choice, and the instability of value. Do SCs fulfill their promises? With regard to their volatile prices, limited number, small total amount, and concentrated market, SCs have so far met with a mixed success. They rather represent a complement to the crypto-assets market. However, the arrival of very large issuers, securing a higher degree of confidence to users, and apt to reach a wide public, could give their projects a potentially systemic impact. These global SCs would create risks, in particular for financial stability and monetary policy, and in lesser-developed economies. This paper reviews these risks and the way the private sector, regulators and central banks can address them.
稳定币:美丽新世界?
稳定币(SC)概念的根源在于调和两个不同世界的愿望:一个是法定货币,其基本属性是等级秩序,购买力的独特性和稳定性;另一个是加密资产,其特征是去中心化、多样性,从而具有选择的可能性,以及价值的不稳定性。SCs兑现了他们的承诺吗?在价格波动、数量有限、总量小、市场集中等方面,迄今为止,SCs取得了好坏参半的成功。它们更像是对加密资产市场的补充。然而,非常大的发行人的到来,确保了用户的更高程度的信心,并容易接触到广泛的公众,可能会给他们的项目带来潜在的系统性影响。这些全球超级市场将带来风险,尤其是对金融稳定和货币政策以及欠发达经济体而言。本文回顾了这些风险,以及私营部门、监管机构和央行应对这些风险的方式。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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