Interoperability of stablecoins

global networks

Recent speeches about stablecoins from the likes of the Federal Reserve’s Randal Quarles and former Bank of England governor Mark Carney differ in many respects; however they converge on the idea of “stablecoins” backed by central bank reserves, which thereby avoids fragmenting global liquidity.

Instantaneous transmission of money over large-value payment systems works seamlessly when using central bank reserves, which permit settlement finality, but not when using other reserve assets such as

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