Stablecoins Versus Tokenised Deposits: Implications for the Singleness of Money
BIS Bulletin No 73, 2023, ISBN: 978-92-9259-650-7
9 Pages Posted: 22 May 2023
Date Written: April 11, 2023
Abstract
Private tokenised monies that circulate as bearer instruments, like stablecoins, may entail departures in their relative exchange values away from par in violation of the “singleness of money”. In contrast, tokenised deposits that do not circulate as bearer instruments but rather settle in central bank money are more conducive to singleness. Tokenised deposits may enable expanded functionality by building on the capacity of programmable ledgers to introduce contingent execution and composability of transactions.
JEL Classification: E42, E51, G28
Suggested Citation: Suggested Citation
Garratt, Rodney and Shin, Hyun Song, Stablecoins Versus Tokenised Deposits: Implications for the Singleness of Money (April 11, 2023). BIS Bulletin No 73, 2023, ISBN: 978-92-9259-650-7, Available at SSRN: https://ssrn.com/abstract=4430692
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