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        A Financial Revolution in the Making: Mainstreaming Stablecoins

        Since the release of bitcoin in 2009, the broader crypto market has undergone multiple evolutions and a significant next milestone is likely to be the mainstreaming of stablecoins, which are blockchain-based cryptocurrencies that are pegged to other financial instruments. What are the macro policy implications of the mainstreaming of stablecoins, especially considering the regulatory impact of this process on the domestic and the global financial system?

        Elliot Hentov, Ph.D.
        Head of Macro Policy Research

        Stablecoins are digital assets that are predominantly designed to maintain a stable value relative to a fiat currency or other reference assets. Due to the fast adoption of cryptocurrencies and the rise of broader decentralized of finance, stablecoins have become:

        1. an essential medium of exchange for trading crypto assets that are too volatile and therefore require a stable intermediary unit
        2. a means of payment or a proxy for cash in digital asset markets
        3. collateral used for crypto lending
        4. a yield-generating investment instrument
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