Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective

Matthew Malloy, D. Lowe
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引用次数: 2

Abstract

This note explores the potential effects of the widespread adoption of a global stablecoin (GSC) on key aggregate financial sector balance sheets in the United States. To do this, we map out cash flows of GSC transactions among financial sector entities using a stylized set of 't-accounts'. By analyzing these individual transactions, we infer aggregate and compositional effects on U.S. commercial banking sector and Federal Reserve balance sheets. Through this lens, we also consider how these balance sheet changes could affect monetary policy implementation, the demand for central bank reserves, and the market for U.S. dollar safe assets.
全球稳定币:从美国的角度考虑货币政策实施
本文探讨了广泛采用全球稳定币(GSC)对美国主要金融部门总资产负债表的潜在影响。为此,我们使用一组程式化的“t账户”绘制出金融部门实体之间GSC交易的现金流。通过分析这些单独的交易,我们推断出对美国商业银行部门和美联储资产负债表的总体和构成性影响。通过这个视角,我们还考虑了这些资产负债表的变化如何影响货币政策的实施、对央行储备的需求以及美元安全资产的市场。
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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