The systemic risk of (not-so-stable) stablecoins

They are supposed to be backed up, one-to-one, by reserves of the traditional currency they are said to be pegged to but let’s face it … Not all cryptocurrency actors adhere to the rigour we are used to seeing in the traditional securities space. Collapses have caused severe effects across the crypto market, raising caution that the crisis could rub off even on traditional assets. As custody banks seek to become trusted safekeepers of backup assets for digital tokens, let us see what goes on at the portal between today’s two universes of finance.

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