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27 July 2021

Fed and Yale researchers lay out 2 regulatory frameworks for stablecoins

Fed and Yale researchers lay out 2 regulatory frameworks for stablecoins


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After taking a deep dive into the history of private money, beginning with the Free Banking Era in the United States, a period from 1837 to 1864,  the researchers concluded that policymakers have two choices with respect to regulating stablecoins: make stablecoins equivalent to public money or introduce a CBDC, which entails taxing private stablecoins out of existence.

With respect to the first choice, the government could require that stablecoins be issued through FDIC-insured banks or stipulate that all stablecoins be fully collateralized by Treasuries at the Federal Reserve.

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