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Occasional paper on Stablecoins

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  • Banco de Portugal working group on crypto-assets

Abstract

Although the terminology used to define stablecoins is currently ambiguous, they can be broadly defined as a specific type of crypto-asset that aims to maintain a stable value relative to a specified currency, asset, or pool of currencies/assets. This paper characterises different types of stablecoins according to the stabilisation mechanism used and analyses the current stablecoins’ market. It also describes the regulatory framework applicable to stablecoins in a few selected jurisdictions. The main focus of the paper is the identification of the main risks associated with stablecoins, particularly the so-called global stablecoins, i.e., those stablecoins with a potential to be adopted across different jurisdictions and achieve a substantial volume. Finally, the paper concludes that continuous monitoring of the stablecoins’ market should be pursued, given their increasing relevance and potential impact on the financial sector.

Suggested Citation

  • Banco de Portugal working group on crypto-assets, 2023. "Occasional paper on Stablecoins," Working Papers o202301, Banco de Portugal, Economics and Research Department.
    • Handle: RePEc:ptu:wpaper:o202301
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    File URL: https://www.bportugal.pt/sites/default/files/anexos/papers/op202301.pdf
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    References listed on IDEAS

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    1. Banco de Portugal working group on crypto-assets, 2020. "Occasional paper on crypto-assets," Working Papers o202004, Banco de Portugal, Economics and Research Department.
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      JEL classification:

      • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
      • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
      • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
      • F31 - International Economics - - International Finance - - - Foreign Exchange
      • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
      • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
      • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
      • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
      • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
      • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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