欧洲央行：央行货币作为可替代性的催化剂：以稳定币为例（英文版）

To ensure that means of payments are readily interchangeable at face value – i.e. fungible – for retail payments, three elements are required: (1) seƩlement finality; (2) interoperability; and (3) seamless converƟbility of the means of payment into the “ulƟmate” or quasi-ulƟmate means of payment. This paper argues that stablecoins issued by different issuers on different blockchains can be fungible to the same extent as commercial bank deposits from different banks provided that (i) payment a