Are stablecoins like Eurodollars?
New BIS working paper by @i_aldasoro, @dhneilson, and @PMehrling.
"Views on stablecoins are a kind of Rorschach ink blot test that reveals unconscious monetary priors."
https://t.co/tWuonxwkuO
** NEW PAPER ALERT**
Very excited to have this paper out: a money view on stablecoins, joint work @PMehrling & @dhneilson
Spread the word! (Thread to follow later)
Comparing #Stablecoins with #Eurodollars reveals how primitive the liquidity mechanisms supporting stablecoinsβ promise of par settlement are. #Liquidity, not solvency, is the issue with par settlement https://t.co/eIQfBrVUBI