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Report on Stablecoins

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CONTENTSExecutive Summary ........................................ .......................1I. Background ........................................ ............................4Creation and Redemption of the Stablecoin ........................................ ............4Transfer and Storage of the Stablecoin ........................................ ...................5Activities and Participants in Stablecoin Arrangements .................................6Use of Stablecoins ........................................ ........................................ ..........7Digital Asset Trading Platforms and DeFi ........................................ .................8II. Risks and Regulatory Gaps.

related to systemic risk and concentration of economic power. There are key gaps in prudential authority over stablecoins used for payments purposes. This report focuses on analyzing prudential risks posed by stablecoins used as a means of payment and provides

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