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1、OBISBISPapersNo141Willtherealstablecoinpleasestandup?byAnnekeKosse,MarcGlowka,IlariaMatteiandTaraRiceMonetaryandEconomicDepartmentNovember2023JELclassification:E42fE58,G23,G28,033.Keywords:cryptoassets,stablecoins,digitalinnovation,financialstability,paymentsystems.Theviewsexpressedarethoseoftheauth
2、orsandnotnecessarilytheviewsoftheBIS.ThispublicationisavailableontheBISwebsite(BankforInternationalSettlements2023.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN1682-7651(online)ISBN978-92-9259-705-4(online)Willtherealstablecoinpleasestandup?1ByAnnekeKosse,M
3、arcGlowka,IlariaMatteiandTaraRiceAbstractThispaperprovidesanoverviewoftheevolutionofthestablecoinmarketoverthepastdecadeandexamineswhetherstablecoinshavestayedtruetotheirnameintermsofbeing“stable”.Byclassifyingstablecoinsintofourdistincttypes,weshowthat,whilestablecoinsbackedbyfiatcurrency,commoditi
4、esorothercryptoassetshavegenerallybeenlessvolatilethantraditionalcryptoassets,notoneofthemhasbeenabletomaintainparitywithitspegatalltimes.Thisisirrespectiveofacoin,ssizeortypeofbacking.Moreover,thereiscurrentlynoguaranteethatstablecoinissuerscouldredeemusers*stablecoinsinfullandondemand.Forthesereas
5、ons,thestablecoinsincirculationtodaydonotmeetthekeycriteriaforbeingasafestoreofvalueandatrustworthymeansofpaymentintherealeconomy.Theanalysisinthispaperalsohighlightssomesignificantdatagaps.Moredataarerequiredtobetterunderstandtheusesandusersofstablecoins.Withoutsuchdata,itisdifficulttoascertainther
6、isksofstablecoinstothesmoothfunctioningofpaymentsystemsandfinancialstabilitymorebroadly.JELclassification:E42,E58,G23,G28,033.Keywords:cryptoassets,stablecoins,digitalinnovation,financialstability,paymentsystems.WethankIhakiAldasoro,AlbertoDiIorioandPeterWiertsfortheirvaluablecommentsandAnamariaIlle
7、sforexcellentresearchassistance.TheviewsexpressedinthispaperarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheBIS.IntroductionCryptoassetshaveexperiencedstronggrowthoverthepastdecadeandtheirtechnologyisseenasaninnovationinbankingandpayments. See for example Arner et al (2020) and IMF (2023a).C
8、ryptoassetsaredigitalassetsissuedbytheprivatesectorthatdependprimarilyoncryptographyanddistributedledgerorsimilartechnology.SeeFSB (2020).Theyhavehistoricallybeenmarketedasnewformsofmoneythatcanbeusedtodirectlysendpaymentsbetweenuserswithoutgoingthroughafinancialinstitution.Whilethefirstknowncryptoa
9、ssetwascreatedinthe1980sfSee https:SCeWeb.sce.uhcl.edu/yang/teaching/csci5234WebSecurityFaS2011/Chaum-blind-SignatUreS.PDF.theydidnotcapturethegeneralpublic,sattentionuntilafewyearsafterBitcoinwasintroducedin2009.Thepurportedbenefitsofcryptoassetshaveyettoberealised:theirpricevolatilitymadethempopul
10、arforspeculationorillicitactivities,ratherthanasameansofmakingpayments.See G7 (2019).Bitcoin,likesomeothercryptoassets,hasbeensusceptibletoflashcrashes,orsuddensteeppricedeclines.SeeFSB (2018).Thus,ascryptoassetpricesareapttofluctuateconstantlyandabruptly,theconceptofastablecoinwascreated.Stablecoin
11、sareasubcategoryofcryptoassetsthataim(orclaim)tomaintainastablevaluerelativetoaspecifiedpeg.SeeFSB (2020).OneofthefirstwasTether,in2014.Withinadecadeofthefirststablecoinlaunch,thenumberofwactive,zstablecoins,iethosehavingapositivemarketcapitalisation,grewtoabove60,withTether,USDCoinandBinanceUSDbein
12、gthemostprominentonestodate.Giventheirclaimtoprovideastablealternativetoothercryptoassets,stablecoinshaveagreaterpotentialtobecomeawidelyusedmethodofpayment,storeofvalueandunitofaccount.Yet,despitethelaudedbenefits,stablecoinshaveexperiencedsignificantturbulence,especiallyin2022andearly2023.Inthefir
13、sthalfofMay2022,thecryptoecosystemwasshakenupbythecrashofvariouscryptoassets,includingTerra,sstablecoinTerraUSD,thethirdlargeststablecoinatthetime.Afewmonthslater,inNovember,thecentralisedcryptoexchangeFTXfiledforbankruptcyandMarch2023sawthecollapseofSiliconValleyBank,alenderandcustodiantomanycrypto
14、serviceproviders.Theseeventshadadiscernibleimpactonthecryptoassetmarket,andtheybroughtthegrowthofthestablecoinmarkettoahalt.Thesedevelopmentshaveaddedurgencytoauthorities,effortstoaddressthepotentialrisksposedbystablecoins,asdistinctfromthosepresentedbyothertypesofcryptoasset. In July 2022, the Bank
15、 for International Settlements Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published guidance on the application of the Principles for financial market infrastructures (PFMIs) to stablecoins that are widely used for pay
16、ments. In October 2022, the Financial Stability Board (FSB) published a proposed framework for the international regulation of cryptoasset activities, and in December, the Basel Committee on Banking Supervision (BCBS) issued a prudential standard for the treatment of banks exposures to cryptoassets.Inaddition,centralbankshavesteppeduptheirmonitoringworktofurtherunderstandtheimplicationsofstablecoinsandsomecentralbank
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