Systemic ‘Bank Run’ Risk Hangs Over Stablecoin Bills in Congress
The current debate has focused on how the tokens could be vulnerable to the kind of bank runs that paralyzed financial system in past financial crises.
Photographer: Graeme Sloan/BloombergThis article is for subscribers only.
The current excitement about one of the safest corners of the cryptocurrency markets is bringing up bad memories of previous crises.
The Trump administration and Congress are both pushing to cement the growing importance of stablecoins, the digital tokens that are supposed to maintain a steady value with backing from traditional assets.