Stablecoins & CBDC

PCMI - How Banks Can Make Money with Stablecoins (Jun 2025)

Analyzes revenue models for banks using stablecoins, focusing on payments, treasury, custody, and deposit-linked services. Argues that monetization depends on regulatory clarity, operating model choices, and integration with existing banking infrastructure.

Topics: stablecoins, strategy, payments, financial services

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A Stablecoin Thats Actually Stable - A Portfolio Optimi — Proposes a portfolio optimization approach to design a stablecoin with stronger price stability than single-asset pegs, emphasizing reser...
FTN011 - Central Bank Exploration of Tokenized Reserves (2025) — Reviews central bank research into tokenized reserves, focusing on how reserve tokenization could support settlement efficiency, interope...
NBER - Stablecoins A Revolutionary Payment Technology with Financial Risks — Analyzes stablecoins as a potentially transformative payment technology, while emphasizing their vulnerabilities around runs, reserve qua...
Wharton - The Stablecoin Toolkit Part I — Academic primer outlining the core design choices, risks, and policy trade-offs of stablecoins, with emphasis on how reserve structures, ...