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Payments & Settlement

Cross-border payments, settlement, remittances and machine/agentic commerce.

9 of 33 indexed papers · the whole library

Paper Venue Year
Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) European Parliament and Council of the European UnionThe EU's comprehensive crypto-asset framework; regulates stablecoins as e-money tokens (EMTs) and asset-referenced tokens (ARTs).
Key findings
  • Classifies fiat-pegged stablecoins as e-money tokens (EMTs) and multi-asset/other pegs as asset-referenced tokens (ARTs).
  • Requires issuer authorization, adequately backed reserves, and redemption at par for holders.
  • Imposes usage/transaction caps on large non-euro tokens used widely as a means of exchange.
 Official Journal of the European Union 2023
Regulatory regime for systemic payment systems using stablecoins and related service providers Bank of EnglandThe Bank of England's proposed regime for stablecoins used at systemic scale in UK payments.
Key findings
  • Systemic payment stablecoins should be backed by deposits at the central bank (or equivalent high-quality assets).
  • Proposes holding limits during a transition to manage financial-stability risks.
 Bank of England Discussion Paper 2023
Application of the Principles for Financial Market Infrastructures to stablecoin arrangements CPMI, IOSCOConfirms that systemically important stablecoin arrangements must meet the international standards for payment systems.
Key findings
  • Systemic stablecoin arrangements are expected to observe the Principles for Financial Market Infrastructures.
  • Emphasises settlement finality, governance and comprehensive risk management.
 CPMI-IOSCO (BIS) 2022
Stablecoins' role in crypto and beyond: functions, risks and policy European Central BankECB assessment of stablecoin functions (trading, settlement, DeFi collateral) and their financial-stability risks.
Key findings
  • Largest stablecoins are used mainly for crypto trading, settlement and DeFi rather than real-economy payments.
  • Reserve opacity and redemption terms are key risks warranting regulation.
 ECB Macroprudential Bulletin, Issue 18 2022
The future monetary system Bank for International SettlementsThe BIS's vision of a future monetary system, assessing stablecoins and crypto against a central-bank-money core.
Key findings
  • Argues stablecoins piggyback on the credibility of central-bank money and can fragment the monetary system.
  • Positions CBDCs and tokenized central-bank money as the preferred foundation.
 BIS Annual Economic Report 2022, Chapter III 2022
Report on Stablecoins President's Working Group on Financial Markets, FDIC, OCCThe landmark US interagency report recommending that payment-stablecoin issuers be regulated as insured depository institutions.
Key findings
  • Recommends Congress require payment-stablecoin issuers to be insured depository institutions.
  • Identifies run risk, payment-system risk, and systemic risk / concentration of economic power as the principal concerns.
  • Set the template for subsequent US stablecoin legislation.
 U.S. Department of the Treasury 2021
Investigating the impact of global stablecoins G7 Working Group on StablecoinsThe G7 report that put 'global stablecoins' on the international policy agenda after Libra.
Key findings
  • Global stablecoins could pose risks to monetary sovereignty, financial stability and fair competition.
  • No global stablecoin should launch until legal, regulatory and oversight challenges are addressed.
 Committee on Payments and Market Infrastructures (BIS) 2019
The Rise of Digital Money Tobias Adrian, Tommaso Mancini-GriffoliIntroduces a taxonomy of money and argues privately issued digital money (e-money / stablecoins) could rapidly displace bank deposits.
Key findings
  • Proposes a taxonomy distinguishing e-money/stablecoins from bank deposits and central-bank money.
  • Adoption of e-money could be rapid via network effects and erode bank deposit funding (disintermediation).
  • Coins the risk of 'digital dollarization' in economies with weak currencies.
 IMF FinTech Note No. 19/01 2019
What is Stablecoin?: A Survey on Price Stabilization Mechanisms for Decentralized Payment Systems Makiko Mita, Kensuke Ito, Shohei Ohsawa, Hideyuki TanakaThe work surveys various price stabilization mechanisms for stablecoins, categorizing them by collateral types and implementation layers. It identifies non-collateralized stablecoins on the application layer as the simplest approach for implementation.
Key findings
  • Stablecoins are cryptocurrencies with price stabilization mechanisms to match the price of another currency with lower volatility.
  • The methods are divided into four collateral types: fiat, crypto, commodity, and non-collateralized.
  • Non-collateralized stablecoin on the application layer is the simplest approach for implementation.
 2019 8th International Congress on Advanced Applied Informatics (IIAI-AAI) 2019
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