The Financial Architecture of Stablecoins: A Primer

2026

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AI-generated summary

1) This paper provides a structured economic framework for understanding the implications of stablecoins for financial intermediation, sovereign debt markets, and monetary transmission, with a particular focus on the US and EU.
2) * Explores the basic economics of stablecoins by comparing their balance-sheet structure to traditional financial institutions.
* Examines the regulatory designs of the US GENIUS Act and the EU's MiCAR framework and their impact on stablecoin growth.
* Discusses the strategic implications for the euro area, including the dominance of dollar-denominated stablecoins and the potential for a digital euro.
3) Stablecoins, Financial Architecture, Monetary Policy, Regulation, Sovereign Debt

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