Stablecoins serve as the nominal anchor against which prices of crypto assets are quoted and traded. But following the failures of the stablecoin Terra and the FTX crypto exchange in 2022, regulatory authorities have raised concerns about the risks stablecoins pose to the financial system. This paper examines the risk propagation channels and the legal risks associated with establishing ownership rights to stablecoins, and then provides views on regulatory actions that may be needed to address them.
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