Stablecoins more vulnerable to runs, say Fed researchers

Authors point out similarities with MMFs and warn about financial instability risks

Central Banking Training - CBDCs and Stablecoins

A growing stablecoin market “potentially [poses] stability risks to the larger financial system” say researchers with the Federal Reserve Banks of Boston and New York. They argue stablecoins could suffer runs similar to money market funds (MMFs).

The working paper is written by Kenechukwu Anadu, Pablo Azar, Marco Cipriani, Thomas Eisenbach, Catherine Huang, Mattia Landoni, Gabriele La Spada, Marco Macchiavelli, Antoine Malfroy-Camine and Christina Wang.

They say both stablecoins and MMFs

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account