Banks in the Age of Stablecoins: Lessons from Their Historical Responses to Financial Innovations
Amol Agrawal
Sam Hempel, JP Perez-Sangimino, and Jessie Jiaxu Wang in this Fed article: The expansion of stablecoins has moved digital payment tokens from the periphery of financial markets to the center of policy discussions. With a global market capitalization in the mid-hundreds of billions of dollars and annual settlement volumes in the trillions as of 2025, […]