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19 April 2023

BIS's Garrat /Shin: Stablecoins versus tokenised deposits: implications for the singleness of money

Key takeaways

  • Private tokenised monies that circulate as bearer instruments, like stablecoins, may entail departures in their relative exchange values away from par in violation of the "singleness of money".
  • In contrast, tokenised deposits that do not circulate as bearer instruments but...
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