Transcription of Stablecoins: Growth Potential and Impact on Banking
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Stablecoins: Growth Potential and Impact on Banking
Board of Governors of the Federal Reserve SystemInternational Finance Discussion PapersISSN 1073-2500 (Print)ISSN 2767-4509 (Online)Number 1334 January 2022 Stablecoins: Growth Potential and Impact on BankingGordon Y. Liao and John CaramichaelPlease cite this paper as:Liao, Gordon Y. and John Caramichael (2022). Stablecoins: Growth Potential and Im-pact on Banking , International Finance Discussion Papers 1334. Washington: Board ofGovernors of the Federal Reserve System, : International Finance Discussion Papers (IFDPs) are preliminary materials circulated to stimu-late discussion and critical comment.
vices). DLTs are cryptographically secured and use a consensus mechanism to synchronize the database across their nodes instead of relying on a centralized administrator. A blockchain is a form of DLT where lists of records, or blocks, are chained in sequence. 5For discussions on DLTs in payments, clearing, and settlements, see Mills et al. (2016).
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