ICYMI: Fed releases new research on risk and promise of stablecoins
The Federal Reserve released a new research report on stablecoins.
In the report, researchers Gordon Liao and John Caramichael examine the current stablecoin ecosystem and the impact of stablecoins on credit intermediation and the central bank balance sheet. The paper identifies potential threats to the stability of US Federal Reserve monetary policy and examine ways they could be mitigated.The report found that dollar-pegged stablecoins have exhibited"safe asset qualities," compared to other crypto assets.
"Among the various scenarios, a two-tiered banking system can support both stablecoin issuance and maintain traditional forms of credit creation," said the report."In contrast, a narrow-bank stablecoin framework can bring the most stability but at the potential cost of credit disintermediation."
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