Stablecoins versus tokenised deposits: implications for the singleness of money

Rodney Garratt and Hyun Song Shin

No 73, BIS Bulletins from Bank for International Settlements

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.

Pages: 9 pages
Date: 2023-04-11
New Economics Papers: this item is included in nep-mon and nep-pay
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