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26 July 2021

US Feds want to tame 'wildcat' stablecoins like Tether and USDC

US Feds want to tame 'wildcat' stablecoins like Tether and USDC


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According to the authors, regulating issuers as banks and introducing a central bank for digital currency (CBDC) would help avoid historic mistakes, while they describe stablecoins as privately produced money and compare their current landscape to the 19th century’s Free Banking Era.

While pointing to “the consequences of porous regulation,” the authors proposed remedy interventions, “including regulating stablecoin issuers as banks and issuing a central bank digital currency,” which would eliminate runs on stablecoins, while ensuring the NQA principle. 

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