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Primary and Secondary Markets for Stablecoins

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Abstract
Stablecoins are increasingly important in decentralized finance (DeFi) and crypto asset markets, and their prominence has led to greater scrutiny of their unique role as expressions of the U.S. dollar running on blockchain networks. Stablecoins attempt to perform a mechanically complex function – to remain pegged to the dollar, even during periods of market volatility.

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  • Hamzah Daud & Jochen Demuth & Daniel Little & Megan Rodden & Amber Seira & Cy Watsky, 2024. "Primary and Secondary Markets for Stablecoins," FEDS Notes 2024-02-23-3, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2024-02-23-3
    DOI: 10.17016/2380-7172.3447
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    File URL: https://www.federalreserve.gov/econres/notes/feds-notes/primary-and-secondary-markets-for-stablecoins-20240223.html
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