IDEAS home Printed from https://ideas.repec.org/p/hal/cesptp/hal-05118904.html
   My bibliography  Save this paper

Réglementer Les Émetteurs De Stablecoins Adossés À Des Actifs

Author

Listed:
  • Olena Havrylchyk

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne)

Abstract

Despite the experimental nature of the blockchain from which stablecoins are issued, the business of asset-based stablecoin issuers, such as Tether (USDT), Circle (USDC), and Binance (BUSD), is neither new nor innovative. We show that USDC and BUSD are composed of assets that resemble constant net asset value government money market funds. However, the assets of USDT, the largest stablecoin, which invests in commercial paper and risky assets, resemble the constant net asset value money market mutual funds that were banned in the EU subsequent to the global financial crisis. Regulations on crypto asset markets extend the field of application of the electronic money directive to stablecoins. But none of the stablecoin issuers discussed in this article would qualify for the license of an electronic money institution because they do not allow individual redemptions, are unlikely to respect the 2% equity capital ratio, and do not keep 30% of their funds in a separate account in a credit institution. Moreover, the new regulations do not allow issuers of stablecoins to apply for money market fund licenses.

Suggested Citation

  • Olena Havrylchyk, 2023. "Réglementer Les Émetteurs De Stablecoins Adossés À Des Actifs," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-05118904, HAL.
    • Handle: RePEc:hal:cesptp:hal-05118904
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    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:hal:cesptp:hal-05118904. 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: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    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.