Fed: Brief History of Bank Notes in the United States and Some Lessons for Stablecoins
February 07, 2026
February 07, 2026
WASHINGTON, Feb. 7 -- The Federal Reserve issued the following Fed Notes article:
* * *
A brief history of bank notes in the United States and some lessons for stablecoins
Mark Carlson
Prior to the establishment of the Federal Reserve, commercial banks issued "bank notes" that circulated as a privately issued form of money. In addition to being backed by the issuing bank, these notes were backed by various types of collateral, includi . . .
* * *
A brief history of bank notes in the United States and some lessons for stablecoins
Mark Carlson
Prior to the establishment of the Federal Reserve, commercial banks issued "bank notes" that circulated as a privately issued form of money. In addition to being backed by the issuing bank, these notes were backed by various types of collateral, includi . . .