The writer is chair of Société Générale and a former member of the executive board of the European Central Bank
Stablecoins are fast emerging as a disruptive force in global finance — and central banks are rightly paying attention. The Bank for International Settlements recently warned that a loss of confidence in stablecoin issuers could lead different coins to diverge from trading at par. This would threaten monetary stability, particularly if the issuers’ reserves lose value or are insufficiently liquid to meet redemption demands.
Banning stablecoins would seem like the obvious solution, but would probably be misguided. In fact, it is neither feasible nor desirable.
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