国际清算银行：稳定币增长-政策挑战和方法（英文版）

Stablecoins are cryptoasset tokens that circulate mainly on public permissionless blockchains and strive to maintain a stable value relative to a reference asset. Most stablecoins are pegged to the US dollar, promising redeeming investors one dollar for each stablecoin on demand, much like other forms of money or money-like claims, such as bank deposits or money market fund (MMF) shares. Major stablecoin issuers back their tokens primarily with fiat-denominated short-term assets such as Treas