Fiat-backed vs crypto-backed vs algorithmic designs, reserves and seigniorage.
| Paper | Venue | Year |
|---|---|---|
| A Luna-tic Stablecoin Crash Post-mortem of the May 2022 Terra/UST algorithmic-stablecoin collapse. | NBER Working Paper 30256 | 2022 |
| Can Stablecoins Be Stable? Theoretical analysis of whether fiat-backed stablecoins can remain stable without deposit insurance or a lender of last resort. | Working paper (Becker Friedman Institute / SSRN) | 2022 |
| Stablecoins: Growth Potential and Impact on Banking Fed staff analysis of how stablecoin growth could affect bank funding and credit, depending on reserve design. | Federal Reserve International Finance Discussion Papers No. 1334 | 2022 |
| The future monetary system The BIS's vision of a future monetary system, assessing stablecoins and crypto against a central-bank-money core. | BIS Annual Economic Report 2022, Chapter III | 2022 |
| Regulating Libra Legal analysis of the regulatory challenges posed by Libra/Diem-style global stablecoins. | Oxford Journal of Legal Studies Top-tier journal | 2021 |
| Some Simple Economics of Stablecoins Economic framework for how stablecoins maintain value and the trade-offs across reserve designs. | SSRN / Annual Review of Financial Economics | 2021 |
| Taming Wildcat Stablecoins Argues stablecoins recreate the instability of the 19th-century 'wildcat' free-banking era and proposes regulating issuers like banks or issuing a CBDC. | SSRN Working Paper; later University of Chicago Law Review Top-tier journal | 2021 |
| Stablecoins: risks, potential and regulation A foundational BIS framework classifying stablecoins by design and reserve model and mapping their risks to regulatory options. | BIS Working Papers No. 905 | 2020 |
| In search for stability in crypto-assets: are stablecoins the solution? ECB taxonomy of stablecoins by stabilization mechanism, assessing whether each can deliver price stability. | ECB Occasional Paper No. 230 | 2019 |