Column: The instability in stablecoins unnerving regulators

StreetInsider2021-07-14

LONDON (Reuters) - Regulators are getting anxious about how mushrooming 'stablecoins' - mostly dollar-pegged crypto tokens - could sow instability in wider financial markets more directly than already...

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精彩评论

mokmokmok
2021-07-14
mokmokmok
Like n comment, tq
- koolgal:
  👍
koolgal
2021-07-14
koolgal
Is this the cautionary tale of the rise and fall of stable coins?
Eugene_Ganz
2021-07-14
Eugene_Ganz
Interesting read
bernardtayet
2021-07-14
bernardtayet
Until it is regulated, instability and risks can be expected. Play at your own risks.
- Saltyninjazz:
  Agree
tomatomashy
2021-07-14
tomatomashy
Ok
- AxThePro:
  Nice.
- 佳佳JJ:
  Nice
tearach
2021-07-14
tearach
Wow
- PiggyBubbles:
  Ok

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But it has yet to launch amid intense governmental scrutiny and pushback over its potential scale and systemic risks.\nLaunched in 2014, however, Tether is already more than 60% of the $100 billion total currently issued.\nWhat it uses as reserves to fulfil the promised one-for-one peg with the dollar is what rankles regulators. It's not solely dollar cash, as many might assume, but a mix of commercial paper, bills, bonds and loans.\nAccording to Tether, about 50% of its reserves - some $20 billion - were in commercial paper at the end of March, 12% in secured loans and 10 percent in corporate bonds, funds and precious metals. Only 2.9% was in dollar cash.\nFitch credit rating agency warned this month that the rapid growth of stablecoins could have destabilising effects on short-term credit markets, although it acknowledged models differed and USD Coin - more than 20% of the stablecoin complex - ensures its dollar peg with cash in custody accounts.\n\"Potential asset contagion risks linked to the liquidation of stablecoin reserve holdings could increase pressure for tighter regulation of the nascent sector,\" it said, adding that Tether's CP holdings may be larger than most U.S. or European prime money market funds.\n\"A sudden mass redemption of USDT (Tether) could affect the stability of short-term credit markets if it occurred during a period of wider selling pressure in the CP market, particularly if associated with wider redemptions of other stablecoins that hold reserves in similar assets,\" Fitch said, flagging collateralised stablecoin Iron's peg break last month.\nUNTETHERED\nThis is where the Federal Reserve is focussed at least.\nLate last month, Boston Fed chief Eric Rosengren spotlighted the \"exponential\" growth in stablecoins and the potential problems surrounding the reserve mix behind Tether.\n\"In effect this is a very risky prime fund,\" Rosengren told an OMFIF conference on financial stability, stressing that U.S. prime money market funds would not be allowed to hold many of these assets, such as longer duration securities or precious metals.\n\"A stablecoin that has this kind of characteristic... is not going to be stable in times when we see spreads gapping out in a significant way,\" Rosengren added, noting that prime funds got into difficulties in the last two recessions.\n\"There is a financial stability concern as they are growing and we need to look at regulation and what's been marketed to the general public,\" he said.\nFocussing more on any widening of the use of stablecoins as payments, as in the case of Diem, the Bank of England insists they should be regulated the same as commercial bank money and have equivalent capital and liquidity rules and offer deposit insurance.\nIn shifting plans from Switzerland to the United States in May, Diem said its planned dollar stablecoin would be issued by California-based Silvergate Bank. Silvergate would manage the reserves that support it - reserves Fitch says would be least 80% in low-risk short-term government securities and 20% in cash parked periodically in money market funds.\nU.S. and European legislation that deals with stablecoins and their reserve management has been introduced since late last year - and Fitch claims that could lead to greater transparency and reporting as well as less risky reserve collateral.\nBut there appears to be little clarity on the progress or timeline for any of these moves.\n\"We believe authorities are unlikely to intervene to save stablecoins in the event of a disruptive event, partly owing to moral hazard,\" Fitch concluded. But it added that \"authorities could step in to support dealers and prime MMFs should stablecoin redemptions lead to or amplify a wider CP sell-off, pressuring market liquidity and impeding new CP issuance.\"\nIf an arms-length approach to digital money and crypto finance was once preferred because it wasn't considered systemic enough, then the stablecoin surge may have forced a change of tack.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":144023901,"gmtCreate":1626254921003,"gmtModify":1633928600720,"author":{"id":"3586933408017245","authorId":"3586933408017245","name":"mokmokmok","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3586933408017245","authorIdStr":"3586933408017245"},"htmlText":"Like n comment, tq","listText":"Like n comment, tq","text":"Like n comment, tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/144023901","repostId":2151597422,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5216468,"gmtCreate":1626255044463,"gmtModify":1635229482581,"authorId":3559581955535845,"author":{"id":3559581955535845,"idStr":"3559581955535845","authorId":3559581955535845,"name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":144023901,"type":1,"supId":0,"prevId":0,"content":"👍","text":"👍","html":"👍"}],"langContent":"EN"},{"id":144020482,"gmtCreate":1626254790446,"gmtModify":1626254790446,"author":{"id":"3559581955535845","authorId":"3559581955535845","name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3559581955535845","authorIdStr":"3559581955535845"},"htmlText":"Is this the cautionary tale of the rise and fall of stable coins?&nbsp;&nbsp;","listText":"Is this the cautionary tale of the rise and fall of stable coins?&nbsp;&nbsp;","text":"Is this the cautionary tale of the rise and fall of stable coins?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144020482","repostId":2151597422,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":144085566,"gmtCreate":1626253802355,"gmtModify":1631892902417,"author":{"id":"3583467068157878","authorId":"3583467068157878","name":"Eugene_Ganz","avatar":"https://static.tigerbbs.com/718d94c006f76df2ca997b72cee43018","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3583467068157878","authorIdStr":"3583467068157878"},"htmlText":"Interesting read","listText":"Interesting read","text":"Interesting read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144085566","repostId":2151597422,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":144017920,"gmtCreate":1626253157860,"gmtModify":1633928611703,"author":{"id":"3583377018896117","authorId":"3583377018896117","name":"bernardtayet","avatar":"https://static.tigerbbs.com/43e8c1fc37a4bff2a94af98953cff267","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3583377018896117","authorIdStr":"3583377018896117"},"htmlText":"Until it is regulated, instability and risks can be expected. Play at your own risks.&nbsp;","listText":"Until it is regulated, instability and risks can be expected. Play at your own risks.&nbsp;","text":"Until it is regulated, instability and risks can be expected. Play at your own risks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/144017920","repostId":2151597422,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5216283,"gmtCreate":1626253455697,"gmtModify":1635229493888,"authorId":3576456241160292,"author":{"id":3576456241160292,"idStr":"3576456241160292","authorId":3576456241160292,"name":"Saltyninjazz","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":144017920,"type":1,"supId":0,"prevId":0,"content":"Agree","text":"Agree","html":"Agree"}],"langContent":"EN"},{"id":144015657,"gmtCreate":1626253026279,"gmtModify":1631890360323,"author":{"id":"3575037711303784","authorId":"3575037711303784","name":"tomatomashy","avatar":"https://static.tigerbbs.com/b4ef93593819bb14a7f75712dc04c3a6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575037711303784","authorIdStr":"3575037711303784"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/144015657","repostId":2151597422,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5216231,"gmtCreate":1626253088882,"gmtModify":1635229497281,"authorId":3570577365102413,"author":{"id":3570577365102413,"idStr":"3570577365102413","authorId":3570577365102413,"name":"AxThePro","avatar":"https://static.tigerbbs.com/34f34509388e5b73a59321b8fe9c49fc","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":144015657,"type":1,"supId":0,"prevId":0,"content":"Nice. ","text":"Nice. ","html":"Nice. 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