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Balancing acts: prudential regulation of money issuers

28 July 2025 / Author(s): Tom Rhodes
Issue: August-September 2025 / Categories: Feature

This article explores the regulatory capital requirements that apply to the issuers of two types of money: bank deposits and stablecoins. Where relevant it also considers issuers of e-money. Stablecoins are an increasingly popular form of digital money. They are bearer instruments that run on blockchains. As explained in the second half of the article, they are quite different to existing forms of money.

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