(Un)stablecoins and central banks

Time to tackle stablecoin structures and support mechanisms

The term ‘stablecoin’ turned out to be something of a misnomer in May – at least for some crypto tokens. The ‘breaking of the buck’, notably by terraUSD (UST) as well as by Tether – the largest stablecoin by market capitalisation – served as an (another) important reminder of the risks non-bank financial intermediaries (NBFIs) present to the banking and financial system.

The risks in the stablecoin area were exposed amid a backdrop of sharp revaluations of crypto assets, which have seen their

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