Fed staff analysis of how stablecoin growth could affect bank funding and credit, depending on reserve design.
Central to the deposit-competition and reserve-design narratives.
Gordon Y. Liao, John Caramichael (2022). Stablecoins: Growth Potential and Impact on Banking Federal Reserve International Finance Discussion Papers No. 1334.
@techreport{liao2022stablecoinsgrowthbanking,
title = {Stablecoins: Growth Potential and Impact on Banking},
author = {Gordon Y. Liao and John Caramichael},
year = {2022},
institution = {Board of Governors of the Federal Reserve System},
howpublished = {Federal Reserve International Finance Discussion Papers No. 1334},
url = {https://www.federalreserve.gov/econres/ifdp/stablecoins-growth-potential-and-impact-on-banking.htm},
note = {Indexed by Stablecoin Beat},
}