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Anchored to what? Payment stablecoins and the central bank balance sheet

Author

Listed:
  • Giuseppe Ferrero

    (Bank of Italy)

Abstract

Payment stablecoins reopen an old question in a new form: whether privately issued money, once it promises redemption at par, can remain safely anchored outside the central bank balance sheet. The answer depends on distinctions that are often compressed into a single question of 'access': direct versus indirect anchoring; the liability versus the asset side of the central bank balance sheet; access versus obligation; and the backing of a token versus the actual timing of convertibility. This paper uses these distinctions to compare the EU's MiCAR, the US GENIUS Act and the Bank of England's regime for systemic sterling stablecoins. It does not argue for one model over the others. Its aim is narrower: to clarify what each model makes safe, what it leaves to markets and intermediaries, and where the remaining fragilities may lie.

Suggested Citation

  • Giuseppe Ferrero, 2026. "Anchored to what? Payment stablecoins and the central bank balance sheet," Questioni di Economia e Finanza (Occasional Papers) 1069, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_1069_26
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2026-1069/QEF_1069_26.pdf
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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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