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A Historical Perspective on Stablecoins

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Abstract

Digital currencies have grown rapidly in recent years. In July 2025, Congress passed the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” (GENIUS) Act, establishing the first comprehensive federal framework governing the issuance of stablecoins. In this post, we place stablecoins in a historical perspective by comparing them to national bank notes, a form of privately issued money that circulated in the United States from 1863 through 1935.

Suggested Citation

  • Stephan Luck, 2025. "A Historical Perspective on Stablecoins," Liberty Street Economics 20251001, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:101880
    DOI: 10.59576/lse.20251001
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    JEL classification:

    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-

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