A Historical Perspective on Stablecoins

Stephan Luck

No 20251001, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Digital currencies have grown rapidly in recent years. In July 2025, Congress passed the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” (GENIUS) Act, establishing the first comprehensive federal framework governing the issuance of stablecoins. In this post, we place stablecoins in a historical perspective by comparing them to national bank notes, a form of privately issued money that circulated in the United States from 1863 through 1935.

Keywords: digital currencies; stablecoins; national bank notes; economic history (search for similar items in EconPapers)
JEL-codes: N21 N22 (search for similar items in EconPapers)
Date: 2025-10-01
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DOI: 10.59576/lse.20251001

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