Stablecoins: le meilleur des mondes ?

Anastasia Melachrinos and Christian Pfister

Revue française d'économie, 2020, vol. XXXV, issue 4, 23-57

Abstract: At the root of the notion of “stablecoins” (SCs) lies a desire to reconcile two different worlds: that of legal currency, the attributes of which are hierarchical order, the vocation to unicity and stability of purchasing power, and that of crypto-assets, featuring decentralisation, multiplicity and thus possibility of choice, and the instability of value. Do SCs fulfill their promises? With regard to their volatile prices, limited number, small total amount, and concentrated market, SCs have so far met with a mixed success. They rather represent an appendix to the crypto-assets market. However, the arrival of very large players, securing a higher degree of confidence to SC users, and apt to reach a wide public, could give their projects a potentially systemic impact. These global SCs would create risks, in particular for financial stability and monetary policy, and in lesser-developed economies. The article reviews these risks and the way the private sector, regulators and central banks can address them.

Date: 2020
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