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The stable in stablecoins

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Abstract

Stablecoins have garnered much attention as a key part of the emerging decentralized finance (or "DeFi") ecosystem, and as a potential way to pay for goods and services. Stablecoins facilitate trades on crypto exchanges, serve as the underlying asset for many crypto loans, and allow market participants to avoid inefficiencies stemming from converting back to fiat currency for crypto trades.

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  • Garth Baughman & Francesca Carapella & Jacob Gerszten & David C. Mills, 2022. "The stable in stablecoins," FEDS Notes 2022-12-17, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2022-12-17
    DOI: 10.17016/2380-7172.3224
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