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Enjeux et promesses des stablecoins décentralisés

Author

Listed:
  • Louis Bertucci
  • Sébastien Choukroun
  • Julien Prat

Abstract

This article presents an economic analysis of stablecoins, highlighting their ties with traditional finance. While there are stablecoins whose linkage is guaranteed by a trusted third party, this article focuses largely on stablecoins managed directly by a system of incentives on a decentralized blockchain. We point out the governance and liquidation challenges of decentralized stablecoins, which are at the heart of their system to maintain value. Finally, we discuss the risks associated with these stablecoins, in particular the mechanisms that lead to a loss of stability. Classification JEL: E49, G23, G29.

Suggested Citation

  • Louis Bertucci & Sébastien Choukroun & Julien Prat, 2023. "Enjeux et promesses des stablecoins décentralisés," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 73-90.
    • Handle: RePEc:cai:refaef:ecofi_149_0073
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    JEL classification:

    • E49 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Other
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other

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