StableCoins: Danger or Chance? The urgency of regulation in the face of systemic risks

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Stablecoins: Chancen und systemische Risiken in der Finanzwelt Stablecoins erfreuen sich in der heutigen Finanzwelt einer zunehmenden Beliebtheit, insbesondere im Rahmen grenzüberschreitender Zahlungen. Während sie die Position des US-Dollars als dominierende globale Währung stärken können, bringen sie auch systemische Risiken mit sich, die potenziell zu einer neuen Finanzkrise führen könnten. Daher ist eine umfassende Regulierung dieser digitalen Vermögenswerte von entscheidender Bedeutung. Systemische Risiken von Stablecoins Ein Hauptanliegen bei der Nutzung von Stablecoins ist das Risiko, das mit den plötzlichen Marktturbulenzen verbunden ist. In Krisenzeiten könnten Inhaber von Stablecoins versucht sein, ihre Token schnell in Bargeld umzuwandeln. Dies würde die Emittenten …
Stable coins: Opportunities and systemic risks in the financial world StableCoins are becoming increasingly popular in today's financial world, especially within the framework of cross -border payments. While you can strengthen the position of the US dollar as a dominant global currency, you also have systemic risks that could potentially lead to a new financial crisis. Therefore, comprehensive regulation of these digital assets is of crucial importance. Systemic risks of stablecoins A main concern in the use of stable coins is the risk associated with sudden market turbulence. In times of crisis, owners of stablecoins could be tried to quickly convert their tokens into cash. This would be the issuers ... (Symbolbild/KNAT)

StableCoins: Opportunities and Systemic Risks in the Financial World

stablecoins are becoming increasingly popular in today's financial world, especially within the framework of cross -border payments. While you can strengthen the position of the US dollar as a dominant global currency, you also have systemic risks that could potentially lead to a new financial crisis. Therefore, comprehensive regulation of these digital assets is of crucial importance.

Systemic risks of stablecoins

A main concern in the use of stable coins is the risk associated with the sudden market turbulence. In times of crisis, owners of stablecoins could be tried to quickly convert their tokens into cash. This would force the issuers to quickly liquidate their reserves, which could not only destabilize the stablecoin market, but also other financial markets. A historical example of a similar scenario is the financial crisis of 2008. At that time, the Reserve Primary Fund, a significant money market fund, collapsed, which led to a widespread panic and massive withdrawals at money market funds.

Lisa D. Cook, governor of the Federal Reserve, pointed out that the risks for stable coins are analogous to the circumstances at that time. She emphasized that great liquidation of assets could trigger serious disorders in the financial system behind a stable coin.

In order to counteract these dangers, legislators require measures to regulate stablecoins. Suggestions such as the Genius Act and the Stable Act aim to integrate stable coins into the existing financial system. To do this, issuers would have to be licensed and secured their tokens by approved assets such as cash or government bonds.

Nevertheless, there are also critical voices that indicate that these laws of law do not offer sufficient protection. Senator Elizabeth Warren in particular expressed concerns that the Genius Act StableCoin mentors would enable to invest in risky assets that have contributed to the financial crisis in the past.

global dominance of the US dollar and reactions from China and the EU

The fact that stable coins in dollars or dollar-supported tokens such as Tether (USDT) and USD Coin (USDC) are widespread strengthens the role of US dollar in international trade. This has triggered concerns about their financial sovereignty in countries like China. The Chinese economist Zhang Ming warned that the dependence on US dollar stall coins could further consolidate the hegemony of the dollar.

To meet these challenges, China accelerated the development of digital Yuan. This step is intended to reduce the dependence on dollar -based stable coins in international transactions. Similar efforts can also be observed in the European Union.

In addition, traditional financial institutions could disturb the StableCoin market. Large banks, including the Bank of America, are reportedly considering the introduction of their own stable coin offers. These developments could intensify the competition in the market and at the same time promote deeper integration of stable coins into the traditional financial system.

FAZIT

stablecoins are undoubtedly an innovation that offers significant advantages with regard to payment efficiency and international transactions. However, political decision -makers and financial institutions have to act carefully to ensure that regulatory framework enables innovations while the associated risks are minimized.

The teachings from the 2008 financial crisis are in warning: even apparently stable financial instruments can prove to be risky in times of crisis. In order to ensure the stability of the financial system, careful regulation and monitoring of stable coins is essential.