[20210728]IN11713_Stablecoins的稳定性如何？.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i How Stable Are Stablecoins? July 28, 2021 Stablecoins are a type of digital asset generally designed to maintain a stable value by linking its value to another asset or a basket of assets. The term stablecoin does not affirm that a particular coin actually achieves a stable value. Some consider terms such as “private asset-linked tokens” as better descriptors of the nature of the instruments. Collateral backing stablecoins could include fiat currencies, traditional financial assets, or other digital assets. The top three stablecoins by value (Tether, USD Coin, and Binance USD) reached around $100 billion in market capitalization as of July 2021. Stablecoin-related policy concerns include issues related to market integrity, investor protection, financial stability, monetary policy, payments, and illicit activity prevention. This Insight focuses on stablecoins design structure, selected investor protection issues, and financial stability concerns. Stablecoins Investment-Fund-Like Structure Stablecoins often have reserve asset portfolios that hold collateral assets backing the coins value. Many industry obse