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The role of financial market infrastructure for stablecoins
This Spotlight article outlines certain roles a financial market infrastructure (FMI) could play in the stablecoin ecosystem and how this may support policy objectives. In particular, we discuss:
- the significance and legal characteristics of stablecoins, focusing on their unique aspects versus other digital settlement assets;
- the role(s) that an FMI could play in supporting settlements in stablecoins among financial institutions and in managing systemic risks more broadly; and
- certain legal and regulatory considerations, including to illustrate stablecoin-related activities an FMI may be able to conduct within the scope of existing frameworks and authorisations.
