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Stablecoin growth - policy challenges and approaches

Author

Listed:
  • Iñaki Aldasoro
  • Matteo Aquilina
  • Ulf Lewrick
  • Sang Hyuk Lim

Abstract

Stablecoins' linkages with the traditional financial system are growing, which raises policy challenges ranging from preserving financial integrity to mitigating financial stability risks. Broader use of foreign currency-denominated stablecoins could raise concerns about monetary sovereignty and, in some jurisdictions, erode the effectiveness of existing foreign exchange regulations. The principle of "same risks, same regulation" faces limitations in the context of stablecoins, highlighting the need for tailored regulatory approaches that address the nature and specific features of stablecoins.

Suggested Citation

  • Iñaki Aldasoro & Matteo Aquilina & Ulf Lewrick & Sang Hyuk Lim, 2025. "Stablecoin growth - policy challenges and approaches," BIS Bulletins 108, Bank for International Settlements.
    • Handle: RePEc:bis:bisblt:108
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