The Federal Reserve Banks of Boston and New York revealed a employees report on Sept. 26 evaluating stablecoins, resembling (USDT) and (USDC), to cash market funds. Key findings within the report embrace the remark that stablecoins and cash market funds comply with related patterns throughout runs and that stablecoins may inject instability into the broader monetary system.
The report, titled “Runs and Flights to Security: Are Stablecoins the New Cash Market Funds?,” features a complete comparability of investor conduct in the course of the stablecoin runs of 2022 and 2023 to investor conduct in the course of the cash market fund runs of 2008 and 2020.
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