Stablecoins & CBDC

IMF Working Paper 26-5 - From Par to Pressure: Liquidity, Redemptions, and Fire Sales with a Systemic Stablecoin (Jan 2026)

IMF working paper modeling how systemic stablecoin redemptions can trigger fire sales and feedback loops, and how design choices such as buffers and reserve composition mitigate risk.

Topics: stablecoins, imf, financial stability

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