Enjeux et promesses des stablecoins décentralisés

Louis Bertucci, Sébastien Choukroun and Julien Prat

Revue d'économie financière, 2023, vol. N° 149, issue 1, 73-90

Abstract: This article presents an economic analysis of stablecoins, highlighting their ties with traditional finance. While there are stablecoins whose linkage is guaranteed by a trusted third party, this article focuses largely on stablecoins managed directly by a system of incentives on a decentralized blockchain. We point out the governance and liquidation challenges of decentralized stablecoins, which are at the heart of their system to maintain value. Finally, we discuss the risks associated with these stablecoins, in particular the mechanisms that lead to a loss of stability. Classification JEL: E49, G23, G29.

JEL-codes: E49 G23 G29 (search for similar items in EconPapers)
Date: 2023
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