Policy / legal text · 2021

Report on Stablecoins

President's Working Group on Financial Markets, FDIC, OCC · U.S. Department of the Treasury

⚠ The summary and findings below are the editor's working notes, pending verification against the source.

The landmark US interagency report recommending that payment-stablecoin issuers be regulated as insured depository institutions.

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Research questionWhat prudential framework should govern payment stablecoins in the United States?

MethodologyInteragency policy report

Constructspayment stablecoin; issuer prudential regulation; systemic risk

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.

Limitations: Policy recommendation, not empirical research; US-specific.

Topics: Regulation & Policy · Financial Stability & Systemic Risk · Payments & Settlement

Cite this

President's Working Group on Financial Markets, FDIC, OCC (2021). Report on Stablecoins U.S. Department of the Treasury.

BibTeX

@techreport{pwg2021reportonstablecoins,
  title = {Report on Stablecoins},
  author = {President's Working Group on Financial Markets and FDIC and OCC},
  year = {2021},
  institution = {U.S. Department of the Treasury},
  howpublished = {U.S. Department of the Treasury},
  url = {https://home.treasury.gov/news/press-releases/jy0454},
  note = {Indexed by Stablecoin Beat},
}

Indexed by Stablecoin Beat — we link to and summarise sources; we do not host copyrighted full text, and summaries are our own. · All research · Methodology