BIS-真正的稳定币会站起来吗？-英_市场营销策划_重点报告202301202_doc.docx

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1、OBISBIS PapersNo 141Will the real stablecoin please stand up?by Anneke Kosse, Marc Glowka, Ilaria Mattei andTara RiceMonetary and Economic DepartmentNovember 2023JEL classification: E42, E58, G23, G28, 033.Keywords: cryptoassets, stablecoins, digital innovation, financial stability, payment systems.

2、The views expressed are those of the authors and not necessarily the views of the BIS.This publication is available on the BIS website ( Bank for International Settlements 2023. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated.ISSN 1682-7651 (online)I

3、SBN 978-92-9259-705-4 (online)Will the real stablecoin please stand up?1ByAnneke Kosse, Marc Glowka, Ilaria Mattei and Tara RiceAbstractThis paper provides an overview of the evolution of the stablecoin market over the past decade and examines whether stablecoins have stayed true to their name in te

4、rms of being “stable”. By classifying stablecoins into four distinct types, we show that, while stablecoins backed by fiat currency, commodities or other cryptoassets have generally been less volatile than traditional cryptoassets, not one of them has been able to maintain parity with its peg at all

5、 times. This is irrespective of a coins size or type of backing. Moreover, there is currently no guarantee that stablecoin issuers could redeem users stablecoins in full and on demand. For these reasons, the stablecoins in circulation today do not meet the key criteria for being a safe store of valu

6、e and a trustworthy means of payment in the real economy. The analysis in this paper also highlights some significant data gaps. More data are required to better understand the uses and users of stablecoins. Without such data, it is difficult to ascertain the risks of stablecoins to the smooth funct

7、ioning of payment systems and financial stability more broadly.JEL classification: E42, E58, G23, G28, 033.Keywords: cryptoassets, stablecoins, digital innovation, financial stability, payment systems.We thanklnaki Aldasoro, Alberto Di Iorio and Peter Wierts for their valuable comments and Anamaria

8、Illes for excellent research assistance. The views expressed in this paper are those of the authors and do not necessarily reflect those of the BIS.IntroductionCryptoassets have experienced strong growth over the past decade and their technology is seen as an innovation in banking and payments. See

9、for example Arner et al (2020) and IMF (2023a). Cryptoassets are digital assets issued by the private sector that depend primarily on cryptography and distributed ledger or similar technology.SeeFSB (2020). They have historically been marketed as new forms of money that can be used to directly send

10、payments between users without going through a financial institution. While the first known cryptoasset was created in the 1980s,Seehttps:SCeWeb.sce.uhcl.edu/yang/teaching/csci5234WebSecurityFall2011/Chaum-blind-SignatUreS.PDF. they did not capture the general publics attention until a few years aft

11、er Bitcoin was introduced in 2009.The purported benefits of cryptoassets have yet to be realised: their price volatility made them popular for speculation or illicit activities, rather than as a means of making payments.SeeG7 (2019). Bitcoin, like some other cryptoassets, has been susceptible to fla

12、sh crashes, or sudden steep price declines.SeeFSB (2018). Thus, as cryptoasset prices are apt to fluctuate constantly and abruptly, the concept of a stablecoin was created. Stablecoins are a subcategory of cryptoassets that aim (or claim) to maintain a stable value relative to a specified peg.SeeFSB

13、 (2020). One of the first was Tether, in 2014. Within a decade of the first stablecoin launch, the number of active stablecoins, ie those having a positive market capitalisation, grew to above 60, with Tether, USD Coin and Binance USD being the most prominent ones to date.Given their claim to provid

14、e a stable alternative to other cryptoassets, stablecoins have a greater potential to become a widely used method of payment, store of value and unit of account. Yet, despite the lauded benefits, stablecoins have experienced significant turbulence, especially in 2022 and early 2023. In the first hal

15、f of May 2022, the crypto ecosystem was shaken up by the crash of various cryptoassets, including Terra,s stablecoin TerraUSD, the third largest stablecoin at the time. A few months later, in November, the centralised crypto exchange FTX filed for bankruptcy and March 2023 saw the collapse of Silico

16、n Valley Bank, a lender and custodian to many crypto service providers. These events had a discernible impact on the cryptoasset market, and they brought the growth of the stablecoin market to a halt.These developments have added urgency to authorities, efforts to address the potential risks posed by stablecoins, as distinct from those presented by other types of cryptoasset. In July 2022, the Bank for Internation