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The hidden plumbing of stablecoins

2026

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AI-generated summary

1) This paper analyzes the financial, technological, and regulatory risks of stablecoins under the new GENIUS Act framework, highlighting potential vulnerabilities beyond asset quality.
2) * Examines the interconnected layers of stablecoin architecture: financial structure, technology, and regulation.
* Identifies risks arising from market intermediation, balance sheet capacity, and operational reliability of blockchain rails.
* Discusses the implications of the GENIUS Act and proposes areas for further policy development to ensure stablecoin stability.
3) Stablecoins, GENIUS Act, Financial Risks, Technological Risks, Regulatory Framework

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