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Enjeux et promesses des stablecoins décentralisés

Author

Listed:
  • Louis Bertucci

    (Institut Louis Bachelier)

  • Sébastien Choukroun
  • Julien Prat

    (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique)

Abstract

Cet article propose une analyse économique des stablecoins mettant en évidence les liens avec la finance traditionnelle. Même s'il existe des stablecoins dont l'arrimage est garanti par un tiers de confiance, cet article se concentre principalement sur les stablecoins gérés directement par un système d'incitations sur une blockchain décentralisée. Nous mettons en évidence les enjeux de gouvernance et de liquidation des stablecoins décentralisés, qui sont au coeur du système de maintien de leur valeur. Enfin, nous discutons des risques associés à ces stablecoins, notamment les mécanismes entraînant une perte de stabilité.

Suggested Citation

  • Louis Bertucci & Sébastien Choukroun & Julien Prat, 2022. "Enjeux et promesses des stablecoins décentralisés," Post-Print hal-03912747, HAL.
    • Handle: RePEc:hal:journl:hal-03912747
    Note: View the original document on HAL open archive server: https://hal.science/hal-03912747v1
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    References listed on IDEAS

    as
    1. Bullmann, Dirk & Klemm, Jonas & Pinna, Andrea, 2019. "In search for stability in crypto-assets: are stablecoins the solution?," Occasional Paper Series 230, European Central Bank.
    2. Itay Goldstein & Ady Pauzner, 2005. "Demand–Deposit Contracts and the Probability of Bank Runs," Journal of Finance, American Finance Association, vol. 60(3), pages 1293-1327, June.
    3. Alexander Lipton & Aetienne Sardon & Fabian Schar & Christian Schupbach, 2020. "From Tether to Libra: Stablecoins, Digital Currency and the Future of Money," Papers 2005.12949, arXiv.org.
    4. Richard K. Lyons & Ganesh Viswanath-Natraj, 2020. "What Keeps Stablecoins Stable?," NBER Working Papers 27136, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    stablecoins; finance décentralisée; Panique bancaire;
    All these keywords.

    JEL classification:

    • E49 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Other
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other

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