The US Federal Reserve System (Fed) has released a report examining the threats and impact of stablecoins on the US monetary policy and credit system.
The researchers have pointed out the "safe haven currency during periods of crypto market distress" and the risks that may arise under the conditions of their mass conversion to fiat money.
Specialists have recommended conducting an audit and establishing requirements for liquidity and quality of reserves in order to mitigate risks:
"Additional risks can be mitigated by introducing appropriate regulatory measures, such as transparent financial due diligence and adequate liquidity and quality requirements for stable currency reserves."
The researchers have recalled the $41 million fine imposed on Tether Limited due to incorrect data on collateral of the stablecoin USDT.
Experts have pointed out the impact of the popularization of stablecoins on the balance sheets of financial institutions and the interaction between banks and consumers.
The Federal Reserve has allowed the use of "stablecoins" not only in peer-to-peer payments and DeFi, but also in "more inclusive payments and financial systems."
Earlier it became known that in February the US presidential administration will publish a state strategy on the issue of cryptocurrencies.