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Erschienen in:

2020 | OriginalPaper | Buchkapitel

SoK: A Classification Framework for Stablecoin Designs

verfasst von : Amani Moin, Kevin Sekniqi, Emin Gun Sirer

Erschienen in: Financial Cryptography and Data Security

Verlag: Springer International Publishing

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Abstract

Stablecoins promise to bridge fiat currencies with the world of cryptocurrencies. They provide a way for users to take advantage of the benefits of digital currencies, such as ability to transfer assets over the internet, credibly commit to minting schedules, and enable new asset classes, while also partially mitigating their volatility risks. In this paper, we systematically discuss general design, decompose existing stablecoins into various component design elements, explore their strengths and drawbacks, and identify future directions.

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Vorheriges Kapitel The Arwen Trading Protocols

Nächstes Kapitel SoK: Layer-Two Blockchain Protocols

Nur mit Berechtigung zugänglich

Examples include TrueUSD [68], USDC [20], USDX [54], USDVault [70], A-Eurs [60], and many others.

This is one of the reasons the US went off of the gold standard.

USDVault for example is pegged to USD but collateralized with gold.

There has thus far been no regulatory precedent establishing how much protection end users of stablecoins receive from deposit insurance.

Note that USD is not collateralized, and yet it remains stable. However, when the dollar was a fledgling currency it was backed by gold. It was only after extensive global adoption that the backing was gradually eased-off. Additionally, the US government has the infrastructure to support this type of regime. US federal law makes it so that businesses are required to accept US issued currency as legal tender. There are also regulatory and executive agencies that enforce compliance.

Note that the user does not necessarily have to redeem the Tether themselves for this reasoning to hold-it is enough to believe that they can sell it to someone else for more than what they paid for it.

Saga prices are quoted in terms of SDR, but users can buy using fiat such as USD.

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Titel: SoK: A Classification Framework for Stablecoin Designs
verfasst von: Amani Moin
Kevin Sekniqi
Emin Gun Sirer
Verlag: Springer International Publishing
Buch: Financial Cryptography and Data Security
Print ISBN: 978-3-030-51279-8

Electronic ISBN: 978-3-030-51280-4

Copyright-Jahr: 2020
DOI: https://doi.org/10.1007/978-3-030-51280-4_11

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