BIS与稳定币：挑战评分卡

Digital AssetsGlobalDaragh MaherHead ofDigital Assets Research, SrFX StrategistHSBC Bank plodaragh.maher@hsbc.com+4420 7991 8888HSBC Global Investment Research PodcastsListen to our insightsFind out moreIssuer of report: HSBC Bank plcView HSBC Global Research at:https:/www.research.hsbc.com SinglenessMoney should settle at par, no questions asked. Money issued by different banks can beaccepted by all.settlepayments atfull value usingthatmoney,withoutquestions being asked and witha"common knowledge of the value of money". The phrase “singleness of money" has been usedto describe this par convertibility of money since 2019, initially in the context of central bankdigital currencies.For stablecoins,the BiS argues that they fail this test of singleness as they"often trade at varying exchange rates, undermining singleness. They are also unable to fulfilthe no-questions-asked principle of bank-issued money".One question here is how best to define "singleness" when it comes to a stablecoin. For a fiatcurrency, such as the USD, it is clear that a "dollar is a dollar". When the BIS talks of astablecoin offering varying exchange rates,this is arguably an entirely different thing.Theexchange rateforastablecoinlikeTetherUSDCoin is arelativepriceofthe coin comparedtothe USD. That relative price is meant to be 1:1, and the BIS argues that deviations from this peg(or a break of the peg altogether) represent a failure of singleness.But arguably the true test of singleness is whether a Tether coin, for example, is accepted andrecognised as being a Tether coin wherever it is offered, without questions asked.The wideacceptance of these stablecoins for transacting in the digital space suggests this test ofsingleness holds. Whether that Tether is worth 99 US cents or 100 is a question of its valuerelative to another asset in the same way the USD has a price relative to the JPY or EUR. Itmight even vary ata given moment in time depending on location (e.g., a different rate on aBloomberg terryinai than at an airport).eAs perlaps we are in the realm of semantics, let's take the BiS vision of singleness as being theAalia one. Then its measure of singleness is based on the requirement that a stablecoin be微actly in line with its designated peg. As regulation around stablecoins becomes moreprevalent and stringent, it is likely that more stablecoins will have sufficient high-quality liquidreserves that they can meet the test of singleness in the digital ecosystem in which theyoperate, although credit risk would still be present. Indeed, their digital nature would ensure lessfriction intokenized digital transactions than the more cumbersome off-and on-ramps of fiatcurrencies in this environment.Less well managed stablecoinswill not attract capital, and sothere will be a consolidation of coins towards those that offer singlenessThe BIS view of singleness relies on a central bank at the centre of the system. The centralbank is the only entity that can issue risk-free money, guarantee par convertibility, and act aslender of last resort.Commercial bank deposits areprivate liabilities,and singlenesshere reliesagain on their access to central bank reserves and (sometimes) deposit insurance to ensureyou can exchange money at par. Stablecoins, in isolation, cannot pass this test of singlenesslike the Michelin Guide to restaurants defining a restaurant as "somewhere preparing andserving food which has acquired at least one Michelin star".Instead, we would argue that stablecoins could offer a form of singleness in the digital space,especially as the regulations around reserves, custody, redemption and insolvency becomemore universally applied. That said, it is unclear whether this footprint in the digital world willmove them beyond being a “peripheral" player in the broader monetary system. The BIS argues thatstablecoins do not meet itsdefinition of singleness ofmoney......as the pegs sometimestrade away from parityBut singleness for astablecoin may be betterdefined as whether (forexample) a Tether is viewedasaTetherwhereveritisspentIncreased regulation willlikely greater adherence tothe peg, and also aconsolidation in availablecoins to those which are wellcapitalised and managedThe BIS definition ofsingleness requires a centralbank, so it is exclusionary ofalternativesStablecoins could offer aform of singleness in thedigital space ElasticityThe supply of money should be available to meet demand without inducing paymentdelays orgridlock,including inemergenciesElasticity is the second BiS test of money that could be a mainstay of a future monetaryframework. We paraphrased the BiS description of elasticity above, and the report suggests theWe agree.A central bank can create money and so ensure there is sufficient supply of liquidity, especiallyCrisis, the Us Federal Reserve's balance sheet more than doubled in size in a matter ofin this way, and their role of lender of last resort is a critical element to the monetary framework.Stablecoins canno