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MONETARY AND CAPITAL MARKETS Understanding Prepared byTobias Adrian, Parma Bains, Marianne Bechara,EugenioCerutti, Stephanie Forte, Federico Grinberg, Alessandro Gullo,Martina Hengge, Agnija Jekabsone, Kathleen Kao, TommasoMancini MONETARY AND CAPITAL MARKETS DEPARTMENT DEPARTMENTAL PAPER Understanding Stablecoins Prepared by Tobias Adrian, Parma Bains, Marianne Bechara, Eugenio Cerutti,Stephanie Forte, Federico Grinberg, Alessandro Gullo, Martina Hengge, Agnija Jekabsone,Kathleen Kao, Tommaso Mancini Griffoli, Soledad Martinez Peria, Marcello Miccoli, Cataloging-in-Publication Data Names: Adrian, Tobias, 1971-, author. | Bains, Parma, author. | Bechara, Marianne, author. | Cerutti, Eugenio,author. | Forte, Stephanie, author. | Grinberg, Federico, author. | Gullo, Alessandro, author. | Hengge,Martina, author. | Jekabsone, Agnija, author. | Kao, Kathleen, author. | Mancini-Griffoli, Tommaso, author. |Martinez Peria, Maria Soledad, author. | Miccoli, Marcello, author. | Reuter, Marco, author. | Sugimoto, Title: Understanding stablecoins / Prepared by Tobias Adrian, Parma Bains, Marianne Bechara, EugenioCerutti, Stephanie Forte, Federico Grinberg, Alessandro Gullo, Martina Hengge, Agnija Jekabsone,Kathleen Kao, Tommaso Mancini Griffoli, Soledad Martinez Peria, Marcello Miccoli, Marco Reuter, and 9798229024075(paper)9798229027014(ePub)9798229026994(WebPDF) Subjects: LCSH: Digital currency. | Fintech. | Financial services industry—Technological innovations.Classification: HG1710.A37 2025 Acknowledgements Marcello Miccoli and Nobuyasu Sugimoto led the work. With contributions from Mher Barseghyan,Kenya Kitano, Dragana Ostojic, Pawel Pisany, Dmytro Solohub, Andrew Usher, Wilson Yim, and Nicolas Zhang.Mahmoud Abouelmakarem, Kika Alex-Okoh, Federica Giordano, and Claudia Diaz Saldias provided excellent The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-countryinterest. The views expressed in this paper are those of the author(s) and do not necessarily represent the Publication orders may be placed online or through the mail:International Monetary Fund, Publication ServicesP.O. Box 92780, Washington, DC 20090, USA Contents Executive Summary..............................................................................................................................................3 Introduction...........................................................................................................................................................7 Recent Developments, Current Use Cases, and Potential Demand..............................................................14 Market Development and Use Cases..............................................................................................................14Future Demand for Stablecoins.......................................................................................................................18 Potential Benefits...............................................................................................................................................20 Risks and Systemic Implications......................................................................................................................23 Volatility in Value and Runs..................................................................................................................23Impairment in Market Functioning of Reserve Assets...........................................................................24Disintermediation of Banks...................................................................................................................24Interconnections with the Financial System..........................................................................................25 Safety and Efficiency.......................................................................................................................................29Financial Integrity............................................................................................................................................29Legal Certainty................................................................................................................................................30 International Work on Stablecoin Policy Frameworks....................................................................................32 International Policies and Standards...............................................................................................................32 Ongoing Implementation of Policy Frameworks and Standards...................................................................38 Japan....................................................................................................................................................42European Union...............................................................................................