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The Future of Payment Infrastructure Could Be Permissionless

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Abstract

Following the recent passage of legislation in the U.S., payment stablecoins seem to be on the brink of wider-scale adoption and explosive growth in market capitalization. In this post, we contend that the driving factor is not their proximity to digital cash instruments, but rather how they are transferred—via global, open-access, peer-to-peer systems, or “permissionless blockchains,” for short.

Suggested Citation

  • Rod Garratt & Michael Junho Lee, 2025. "The Future of Payment Infrastructure Could Be Permissionless," Liberty Street Economics 20251125, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:102184
    DOI: 10.59576/lse.20251125
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    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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