IDEAS home Printed from https://ideas.repec.org/p/bis/bisblt/73.html
   My bibliography  Save this paper

Stablecoins versus tokenised deposits: implications for the singleness of money

Author

Listed:
  • Rodney Garratt
  • Hyun Song Shin

Abstract

Private tokenised monies that circulate as bearer instruments, like stablecoins, may entail departures in their relative exchange values away from par in violation of the "singleness of money". In contrast, tokenised deposits that do not circulate as bearer instruments but rather settle in central bank money are more conducive to singleness. Tokenised deposits may enable expanded functionality by building on the capacity of programmable ledgers to introduce contingent execution and composability of transactions.

Suggested Citation

  • Rodney Garratt & Hyun Song Shin, 2023. "Stablecoins versus tokenised deposits: implications for the singleness of money," BIS Bulletins 73, Bank for International Settlements.
    • Handle: RePEc:bis:bisblt:73
    as

    Download full text from publisher

    File URL: https://www.bis.org/publ/bisbull73.pdf
    File Function: Full PDF document
    Download Restriction: no
    File URL: https://www.bis.org/publ/bisbull73.htm
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bis:bisblt:73. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Christian Beslmeisl (email available below). General contact details of provider: https://edirc.repec.org/data/bisssch.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.