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Crypto-assets and financial stability: are there any contagion risks?
[Cryptoactifs et stabilité financière : des risques de contagion ?]

Author

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  • Jean Barthélemy
  • Paul Gardin
  • Benoît Nguyen

Abstract

The strong growth of stablecoins - the category of crypto-assets whose market value is supposed to remain stable by being pegged to a reference currency such as the dollar - is increasingly attracting the attention of regulators because of potential risks to financial stability. This post illustrates one of the mechanisms by which crypto-assets could impact financial stability: the growing use of stablecoins could prove destabilising to the short-term debt market in the United States. La forte croissance des stablecoins - cette catégorie de cryptoactifs dont le cours est censé rester stable par rapport à une monnaie de référence comme le dollar - suscite de plus en plus l’attention des régulateurs en raison de potentiels risques pour la stabilité financière. Ce billet illustre l’un des mécanismes par lesquels les cryptoactifs pourraient avoir un impact sur la stabilité financière : l’usage croissant des stablecoins pourrait s’avérer déstabilisateur pour le marché des dettes à court terme aux États-Unis.

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Handle: RePEc:bfr:econot:245
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File URL: https://www.banque-france.fr/en/publications-and-statistics/publications/crypto-assets-and-financial-stability-are-there-any-contagion-risks
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File URL: https://www.banque-france.fr/fr/publications-et-statistiques/publications/cryptoactifs-et-stabilite-financiere-des-risques-de-contagion
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