Stablecoins could become more worthy of their name if they were backed by a higher share of safe assets and if issuers had multiple sources of revenue, according to a working paper published by the International Monetary Fund on April 10.
The authors – Bo Li, Tommaso Mancini-Griffoli, Marcello Miccoli, Brandon Joel Tan and Longmei Zhang – say self-regulation is not enough to limit the risk of a funding run on the assets. “If left to their account, stablecoin issuers will hold a high share of
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