欧洲央行-央行货币作为可替代性的催化剂：以稳定币为例（英）-2025.pdfVIP

WorkingPaperSeries

Charles-EnguerrandCoste,Centralbankmoneyasacatalystfor

GeorgePantelopoulos

fungibility:thecaseofstablecoins

No3111

Disclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank

(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.

Abstract

Toensurethatmeansofpaymentsarereadilyinterchangeableatfacevalue–i.e.fungible–forretail

payments,threeelementsarerequired:(1)selementfinality;(2)interoperability;and(3)seamless

converbilityofthemeansofpaymentintothe“ulmate”orquasi-ulmatemeansofpayment.This

paperarguesthatstablecoinsissuedbydifferentissuersondifferentblockchainscanbefungibleto

thesameextentascommercialbankdepositsfromdifferentbanksprovidedthat(i)paymentand

selementtechnologiesareinteroperable,(ii)paymentsaretransactedonledgersthatoffer

selementfinality,and(iii)thatcentralbankmoneyactsastheanchortothemonetarysystem

(assumingthatthecentralbankmoneyisitselfunderscoredbyahomogenousunitofaccount).On

thisbasis,thispaperassertsthattokenisedfundsandoff-chaincollateralisedstablecoinsarefungible

meansofpaymentsundersomecondions,andthaton-chaincollateralisedstablecoinscanbeprima

facieclassifiedasfungiblemeansofpayments,solongastheidencalprecondionsassociatedwith

accomplishingmeansofpaymentfungibilityfortokenisedfunds/off-chaincollateralisedstablecoins

canbefulfilled,andonthepremisethattheon-chaincollateralcanbereadilyconvertedintohigher

levelmoney.Finally,itisdeterminedthatalgorithmicstablecoinsarenotfungiblemeansofpayments.

KeyWords:stable