Bericht
In search for stability in crypto-assets: Are stablecoins the solution?
Stablecoins claim to stabilise the value of major currencies in the volatile crypto-asset market. This paper describes the often complex functioning of different types of stablecoins and proposes a taxonomy of stablecoin initiatives. To this end it relies on a novel framework for their classification, based on the key dimensions that matter for crypto-assets, namely: (i) accountability of issuer, (ii) decentralisation of responsibilities, and (iii) what underpins the value of the asset. The analysis of different types of stablecoins shows a trade-off between the novelty of the stabilisation mechanism used in an initiative (from mirroring the traditional electronic money approach to the alleged introduction of an "algorithmic central bank") and its capacity to maintain a stable market value. While relatively less innovative stablecoins could provide a solution to users seeking a stable store of value, especially if legitimised by the adherence to standards that are typical of payment services, the jury is still out on the potential future role of more innovative stablecoins outside their core user base.
- ISBN
-
978-92-899-3871-6
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Occasional Paper ; No. 230
- Klassifikation
-
Wirtschaft
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Open Source Products and Markets
Technological Change: Choices and Consequences; Diffusion Processes
- Thema
-
stablecoins
crypto-assets
distributed ledger technology
electronic money
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Bullmann, Dirk
Klemm, Jonas
Pinna, Andrea
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2019
- DOI
-
doi:10.2866/969389
- Handle
- Letzte Aktualisierung
-
01.03.2025, 12:43 MEZ
Datenpartner
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Objekttyp
- Bericht
Beteiligte
- Bullmann, Dirk
- Klemm, Jonas
- Pinna, Andrea
- European Central Bank (ECB)
Entstanden
- 2019
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