Stablecoins & CBDC

The Stablecoin Business

Analyzes stablecoins as a business model, focusing on how issuers generate revenue, manage reserves, and scale distribution. Highlights the strategic, regulatory, and market structure factors shaping competition with banks and payment providers.

Topics: stablecoins, strategy, market design, payments

More in Stablecoins & CBDC

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, ...