Stablecoins und Aufsichtsrecht

Stablecoins represent the next level of innovation in the crypto sector. In contrast to volatile crypto assets, they promise lasting stability, typically in relation to an official currency. In the absence of central bank digital currencies, they act as a functional image of central bank money in the crypto asset ecosystem and add a new form of money to the private monetary landscape. In this context, Felix-Julius Konow examines the European regulatory concept for stablecoins and compares the newly created e-money tokens with demand deposits, e-money and money market funds. They are characterized by their convertibility into central bank money at any time. Conversely, there are differences in the possible safeguarding concepts for the funds accepted. For e-money tokens, this interplay identifies their specific weaknesses that favor run risks, and regulatory proposals are presented to close these gaps.