Stablecoins more vulnerable to runs, say Fed researchers

A rising stablecoin market “probably [poses] stability dangers to the bigger monetary system” say researchers with the Federal Reserve Banks of Boston and New York. They argue stablecoins might undergo runs much like cash market funds (MMFs).

The working paper is written by Kenechukwu Anadu, Pablo Azar, Marco Cipriani, Thomas Eisenbach, Catherine Huang, Mattia Landoni, Gabriele La Spada, Marco Macchiavelli, Antoine Malfroy-Camine and Christina Wang.

They are saying each stablecoins and MMFs

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