The Future of Payment Infrastructure Could Be Permissionless

Rodney Garratt and Michael Lee

No 20251125, Liberty Street Economics from Federal Reserve Bank of New York

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.

Keywords: blockchains; stablecoins; tokenization; financial infrastructure; payments (search for similar items in EconPapers)
JEL-codes: E41 E42 G23 (search for similar items in EconPapers)
Date: 2025-11-25
New Economics Papers: this item is included in nep-mon and nep-pay
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DOI: 10.59576/lse.20251125

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