In particular, countries with fragile domestic banking systems could see deposit holders preferring to exchange their deposits for stablecoins, resulting in a loss of funding for domestic banks.
If a stablecoin arrangement reaches a global scale, its malfunctioning could pose risks to the financial system. Table 3 shows potential outflows from the Libra Reserve under various shock scenarios, which are based on bank deposit, MMF and investment fund runs observed in the recent past. UltraISO is the CD image maker, editor and converter that can burn CD and DVD image files. In this respect, the term “stablecoin” is a misnomer. Stawia na sprzedaż w internecie. H&M zamknie 350 sklepów, otworzy 100 nowych.
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regulatory action in one jurisdiction may not be effective unless it is accompanied by coordinated actions elsewhere, which may entail a need for cooperative arrangements). To do this, we use the anonymous data provided by cookies. The PayPal user base currently consists of around 286 million active accounts with average holdings per account of €64.[13]. The Electronic Journals Library is a collaborative service comprising of several international libraries. Zawartość tej strony jest chroniona prawem autorskim i należy do spółki H & M Hennes & Mauritz AB. See what has changed in our privacy policy, A regulatory and financial stability perspective on global stablecoins, Functionalities in a stablecoin ecosystem, Financial stability and macroprudential policy, Euro area economic and financial developments by institutional sector, Euro area insurance corporation statistics, Euro area financial vehicle corporation statistics, Webcasts: hearings at European Parliament, Meetings of the Governing Council and the General Council, Banking Industry Dialogue on ESCB statistics, Implementation of ESA 2010 in euro area accounts, About the Statistical Data Warehouse (SDW), Selected euro area statistics and national breakdowns, Credit institutions and money market funds, Estimated MFI loans to NFCs by economic activity (NACE), Financial corporations engaged in lending, Long-term interest rate statistics for convergence purposes, Financial integration and structure in the euro area, Balance of payments and other external statistics, Balance of payments and international investment position, International reserves and foreign currency liquidity, Cross-border collateral in Eurosystem credit operations, Payment services, large-value and retail payment systems, Securities trading, clearing and settlement, ECB survey of professional forecasters (SPF), Survey on the access to finance of enterprises (SAFE), Household finance and consumption survey (HFCS), Survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD), Emergency liquidity assistance (ELA) and monetary policy, Securities settlement systems and central counterparties, Other infrastructures and service providers, Advisory groups on market infrastructures, Debt Issuance Market Contact Group (DIMCG), European Forum for Innovation in Payments (EFIP), I understand and I accept the use of cookies, See what has changed in our privacy policy. This produces average per capita holdings of around €1,220, which forms the basis for the third scenario under consideration (hereafter referred to as the “store of value B” scenario). Navigation Path: Home›Research & Publications›Financial Stability›Macroprudential Bulletin›5 May 2020, Prepared by Mitsutoshi Adachi, Matteo Cominetta, Christoph Kaufmann and Anton van der Kraaij[1]. This means that a shock to the stablecoin arrangement that occurs in an emerging market (e.g. Discover more about working at the ECB and apply for vacancies. EZB - Electronic Journals Library The Electronic Journals Library is a collaborative service comprising of several international libraries. While payment services have changed considerably in recent years, driven by new technology and shifts in consumer preferences, traditional financial service providers have struggled to develop faster and cheaper payment services that can operate across borders. If you are interested in having access to certain inaccessible journal titles in the EZB, please contact your Head of Department or a librarian.
If retail users transfer funds from bank deposits to global stablecoins, that could result in generally stable retail deposits[12] being replaced, at least partially, with much more fluid institutional deposits stemming from the stablecoin arrangement in question. The size of the stablecoin arrangement and its interconnectedness with the financial system and the wider economy will ultimately determine the severity of the financial stability impact.
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