Systemic risk, contagion, run risk and spillovers to short-term funding markets.
| Paper | Venue | Year |
|---|---|---|
| Anchoring trust in money: innovation beyond stablecoins The BIS's flagship annual report argues that stablecoins as currently designed fail to deliver the singleness, elasticity, and integrity of money, and that the path forward is tokenizing central bank and commercial bank money on unified ledgers rather than relying on private stablecoins. | BIS Annual Economic Report 2026, Chapter III | 2026 |
| Stablecoins and Fragility in Fixed Exchange Rate Regimes A global-games model of how dollar stablecoins affect parallel FX markets under fixed or managed exchange rates: stablecoins both widen access to foreign currency and create a common public price that can coordinate runs, so their welfare effect is state-dependent — beneficial when misalignment is low, destabilizing when it is high. | IMF Working Paper WP/26/144, Western Hemisphere Department | 2026 |
| High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements The FSB's finalized international recommendations for regulating global stablecoin arrangements. | Financial Stability Board | 2023 |
| Regulatory regime for systemic payment systems using stablecoins and related service providers The Bank of England's proposed regime for stablecoins used at systemic scale in UK payments. | Bank of England Discussion Paper | 2023 |
| Silicon Valley Bank bankruptcy and Stablecoins stability The work examines the contagion effects across major digital assets during the Silicon Valley Bank collapse in early March 2023. It finds evidence of contagion among major stablecoins and Bitcoin, along with significant abnormal movements in stablecoin cumulative returns and volumes. | International Review of Financial Analysis | 2023 |
| Application of the Principles for Financial Market Infrastructures to stablecoin arrangements Confirms that systemically important stablecoin arrangements must meet the international standards for payment systems. | CPMI-IOSCO (BIS) | 2022 |
| Stablecoins' role in crypto and beyond: functions, risks and policy ECB assessment of stablecoin functions (trading, settlement, DeFi collateral) and their financial-stability risks. | ECB Macroprudential Bulletin, Issue 18 | 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 |
| DeFi risks and the decentralisation illusion BIS analysis arguing DeFi retains points of centralisation and carries familiar financial risks. | BIS Quarterly Review, December 2021 | 2021 |
| Report on Stablecoins The landmark US interagency report recommending that payment-stablecoin issuers be regulated as insured depository institutions. | U.S. Department of the Treasury | 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 |
| Investigating the impact of global stablecoins The G7 report that put 'global stablecoins' on the international policy agenda after Libra. | Committee on Payments and Market Infrastructures (BIS) | 2019 |