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、OBISBISPapersNo141Willtherealstablecoinpleasestandup?byAnnekeKosse,MarcGlowka,IlariaMatteiandTaraRiceMonetaryandEconomicDepartmentNovember2023JELclassification:E42fE58,G23,G28,033.Keywords:cryptoassets,stablecoins,digitalinnovation,financialstability,paymentsystems.Theviewsexpressedarethoseoftheauth

2、orsandnotnecessarilytheviewsoftheBIS.ThispublicationisavailableontheBISwebsite(BankforInternationalSettlements2023.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN1682-7651(online)ISBN978-92-9259-705-4(online)Willtherealstablecoinpleasestandup?1ByAnnekeKosse,M

3、arcGlowka,IlariaMatteiandTaraRiceAbstractThispaperprovidesanoverviewoftheevolutionofthestablecoinmarketoverthepastdecadeandexamineswhetherstablecoinshavestayedtruetotheirnameintermsofbeing“stable”.Byclassifyingstablecoinsintofourdistincttypes,weshowthat,whilestablecoinsbackedbyfiatcurrency,commoditi

4、esorothercryptoassetshavegenerallybeenlessvolatilethantraditionalcryptoassets,notoneofthemhasbeenabletomaintainparitywithitspegatalltimes.Thisisirrespectiveofacoin,ssizeortypeofbacking.Moreover,thereiscurrentlynoguaranteethatstablecoinissuerscouldredeemusers*stablecoinsinfullandondemand.Forthesereas

5、ons,thestablecoinsincirculationtodaydonotmeetthekeycriteriaforbeingasafestoreofvalueandatrustworthymeansofpaymentintherealeconomy.Theanalysisinthispaperalsohighlightssomesignificantdatagaps.Moredataarerequiredtobetterunderstandtheusesandusersofstablecoins.Withoutsuchdata,itisdifficulttoascertainther

6、isksofstablecoinstothesmoothfunctioningofpaymentsystemsandfinancialstabilitymorebroadly.JELclassification:E42,E58,G23,G28,033.Keywords:cryptoassets,stablecoins,digitalinnovation,financialstability,paymentsystems.WethankIhakiAldasoro,AlbertoDiIorioandPeterWiertsfortheirvaluablecommentsandAnamariaIlle

7、sforexcellentresearchassistance.TheviewsexpressedinthispaperarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheBIS.IntroductionCryptoassetshaveexperiencedstronggrowthoverthepastdecadeandtheirtechnologyisseenasaninnovationinbankingandpayments. See for example Arner et al (2020) and IMF (2023a).C

8、ryptoassetsaredigitalassetsissuedbytheprivatesectorthatdependprimarilyoncryptographyanddistributedledgerorsimilartechnology.SeeFSB (2020).Theyhavehistoricallybeenmarketedasnewformsofmoneythatcanbeusedtodirectlysendpaymentsbetweenuserswithoutgoingthroughafinancialinstitution.Whilethefirstknowncryptoa

9、ssetwascreatedinthe1980sfSee https:SCeWeb.sce.uhcl.edu/yang/teaching/csci5234WebSecurityFaS2011/Chaum-blind-SignatUreS.PDF.theydidnotcapturethegeneralpublic,sattentionuntilafewyearsafterBitcoinwasintroducedin2009.Thepurportedbenefitsofcryptoassetshaveyettoberealised:theirpricevolatilitymadethempopul

10、arforspeculationorillicitactivities,ratherthanasameansofmakingpayments.See G7 (2019).Bitcoin,likesomeothercryptoassets,hasbeensusceptibletoflashcrashes,orsuddensteeppricedeclines.SeeFSB (2018).Thus,ascryptoassetpricesareapttofluctuateconstantlyandabruptly,theconceptofastablecoinwascreated.Stablecoin

11、sareasubcategoryofcryptoassetsthataim(orclaim)tomaintainastablevaluerelativetoaspecifiedpeg.SeeFSB (2020).OneofthefirstwasTether,in2014.Withinadecadeofthefirststablecoinlaunch,thenumberofwactive,zstablecoins,iethosehavingapositivemarketcapitalisation,grewtoabove60,withTether,USDCoinandBinanceUSDbein

12、gthemostprominentonestodate.Giventheirclaimtoprovideastablealternativetoothercryptoassets,stablecoinshaveagreaterpotentialtobecomeawidelyusedmethodofpayment,storeofvalueandunitofaccount.Yet,despitethelaudedbenefits,stablecoinshaveexperiencedsignificantturbulence,especiallyin2022andearly2023.Inthefir

13、sthalfofMay2022,thecryptoecosystemwasshakenupbythecrashofvariouscryptoassets,includingTerra,sstablecoinTerraUSD,thethirdlargeststablecoinatthetime.Afewmonthslater,inNovember,thecentralisedcryptoexchangeFTXfiledforbankruptcyandMarch2023sawthecollapseofSiliconValleyBank,alenderandcustodiantomanycrypto

14、serviceproviders.Theseeventshadadiscernibleimpactonthecryptoassetmarket,andtheybroughtthegrowthofthestablecoinmarkettoahalt.Thesedevelopmentshaveaddedurgencytoauthorities,effortstoaddressthepotentialrisksposedbystablecoins,asdistinctfromthosepresentedbyothertypesofcryptoasset. In July 2022, the Bank

15、 for International Settlements Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published guidance on the application of the Principles for financial market infrastructures (PFMIs) to stablecoins that are widely used for pay

16、ments. In October 2022, the Financial Stability Board (FSB) published a proposed framework for the international regulation of cryptoasset activities, and in December, the Basel Committee on Banking Supervision (BCBS) issued a prudential standard for the treatment of banks exposures to cryptoassets.Inaddition,centralbankshavesteppeduptheirmonitoringworktofurtherunderstandtheimplicationsofstablecoinsandsomecentralbank