Stablecoins
Are stablecoins fungible money?
The authors assess the fungibility of stablecoins, arguing that this can be equivalent to that of traditional bank deposits if payment and settlement technologies are interoperable.
Geopolitics, crypto and inequality are systemic risks, say panellists
ESRB conference attendees discuss threats to EU’s financial system
Former OCC chief on the sting of peeling the Basel III ‘onion’
Michael Hsu warns successors not to cut bank capital or neglect rate risks that destroyed SVB
Derivatives players divided over 24/7 trading
For some, round-the-clock markets are inevitable. Others see “enormous risks”
LMAX: stablecoin bill sets stage for FX and crypto convergence
David Mercer on what the Genius Act means for markets, and where the venue’s FX business goes next
Let’s speak the same language: a formally defined model to describe and compare payment system architectures
The authors propose a means with which to represent and compare three key functions of payment system architectures: issuance/withdrawal, holding and transfer of funds.
DRW’s Wilson: regulatory confusion hinders euro stablecoins
Conflicting interpretations of EU rules will divert more capital to USD coins and away from euro assets, says Don Wilson
‘This is not a wobble’: Brunello Rosa on the path to de-dollarisation
Digital currencies will play a central role as China challenges US hegemony, says economist
On par: a money view of stablecoins
The authors apply a money view analysis to stablecoins, revealing the character if existing on-chain liquidity mechanisms that support the premise of par settlement and finding liquidity rather than solvency to be the factor confronted by par settlement.
AI, quantum computing and tokenisation set to transform finance – Menon
But significant barriers remain preventing the technologies from unlocking their full potential
Levelling the playing field for stablecoins
Regulatory asymmetries are a barrier to innovation in digital payments
BoE warns against use of stablecoins in banking
Tokenised payment systems pose compliance and systemic risks, regulator says
On-chain FX’s brave new world excites some, worries others
Trading tokenised versions of currencies on blockchain could slash settlement risk but sceptics raise concerns over liquidity and pricing
Beyond trustless: strong governance in crypto is needed
To build trust, the crypto ecosystem can borrow proven governance principles from TradFi
Crypto custody faces regulatory death-roll
New measures to safeguard digital assets threaten to squeeze the life out of custody business, insiders fear
Crypto gets to grips with interest rate swaps
New derivatives provide synthetic access to staking yields and are being used in structured products
Stablecoins: good as the buck, or breaking the buck?
Collateral concerns and iffy auditing have raised fears of a ‘de-pegging’ event – and possible contagion across crypto and beyond
Alameda’s mystery bank stake reignites Fed deposit debate
Crypto challenger Custodia accuses regulator of unlevel playing field over master accounts
Why central banks shouldn’t ignore stablecoins
Rapid growth of stablecoins could impair monetary policy transmission
Basel crypto capital plan threatens banks’ DLT projects
Proposed infrastructure add-on could make blockchain settlement and payment systems non-viable
Credit checks, what credit checks? How crypto lending ate itself
Collapse of hedge fund Three Arrows Capital exposes “sloppy and irresponsible” credit standards among crypto lenders