What is a stablecoin, and why do central bankers care?
Nobody in 2009 could have imagined central banks around the world chasing innovation in 2020 to maintain and manage their mandate. After all, they were busy trying to deliver on their mandate of price stability, low but predictable inflation and, in some cases, full employment in a crumbling financial system. Still, in the shadow of […]

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Hussein Hallak

What is a stablecoin, and why do central bankers care?

Nobody in 2009 could have imagined central banks around the world chasing innovation in 2020 to maintain and manage their mandate. After all, they were busy trying to deliver on their mandate of price stability, low but predictable inflation and, in some cases, full employment in a crumbling financial system.

Still, in the shadow of the Great Financial Crisis, Central Banks could not have envisioned the crypto reality show they would be thrust into ten years later.

Imagine being challenged by ideas presented in a simple white paper, brought to life by a mysterious unknown entity, and transformed into an asset through…pizza.

Then imagine your all-powerful monetary organization being challenged by… Facebook.

They would have stared blankly as you told tales of the virtuous evolution of Bitcoin and its suite of technologies. They might have asked you politely, what the hell you were talking about, if you described Bitcoin’s spawn, Ethereum, with its smart contracts that would evolve into a variety of digital financial instruments called stablecoins.



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