MiCA, the GENIUS Act, e-money frameworks and supervisory approaches.
| Paper | Venue | Year |
|---|---|---|
| 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 |
| Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) The EU's comprehensive crypto-asset framework; regulates stablecoins as e-money tokens (EMTs) and asset-referenced tokens (ARTs). | Official Journal of the European Union | 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 |
| 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 as a tool to mitigate the downside risk of cryptocurrency portfolios This paper empirically assessed the ability of three stablecoins to mitigate the downside risk of a traditional cryptocurrency portfolio. The findings indicated that dollar-backed stablecoins are particularly suitable as a hedge for crypto investors. | The North American Journal of Economics and Finance | 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 |
| 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 |
| On the stability of stablecoins This paper investigates the volatility processes of stablecoins and their relationship with Bitcoin volatility. It finds that Bitcoin volatility influences the volatilities of stablecoins, which are statistically unstable. | Journal of Empirical Finance Top-tier journal | 2021 |
| Regulating Libra Legal analysis of the regulatory challenges posed by Libra/Diem-style global stablecoins. | Oxford Journal of Legal Studies Top-tier journal | 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 |
| 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 |
| 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 |