New York Fed: 'Stablecoin Disintermediation'
February 28, 2026
February 28, 2026
NEW YORK, Feb. 28 (TNSLrpt) -- The Federal Reserve Bank of New York issued the following staff report (No. 1185) in Feb. 2026 by Michael Junho Lee and Donny Tou entitled "Stablecoin Disintermediation."
Here is the abstract:
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We propose a theory of stablecoin disintermediation, whereby stablecoins not only erode banks' deposit franchises but also transmit liquidity stress to the banking system. Using transaction-level data linking on-chai . . .
Here is the abstract:
* * *
We propose a theory of stablecoin disintermediation, whereby stablecoins not only erode banks' deposit franchises but also transmit liquidity stress to the banking system. Using transaction-level data linking on-chai . . .