欧洲央行-向你的银行家抛出一枚稳定币（英）-2024.7-28页

OccasionalPaperSeriesTossastablecointoyourbankerStablecoins’impactonbanks’balancesheetsandprudentialratiosCharles-EnguerrandCosteNo353Disclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.ECBOccasionalPaperSeriesNo3531ContentsAbstract2Non-technicalsummary31Introduction41.1Electronicmoney,stablecoinsandE-moneytokens41.2Impactofstablecoinissuanceonbanks’balancesheets52Interplaybetweenstablecoinissuers’depositsandbanks’liquiditycoverageratio82.1Howdepositsfromstablecoinissuersfeedintobanks’liquidityconstraints82.2Qualifyingoutflowratesforstablecoinliabilitieswhenthebankisthestablecoinissuer92.3Qualifyingoutflowratesforliabilitiesstemmingfromtheprovisionofbankingservicestonon-bankstablecoinissuers113Effectsonbanks’capitalratiofromreceivingdepositsfromstablecoinissuers183.1Howdepositsfromstablecoinsissuersfeedintobanks’capitalconstraints183.2Mechanicalimpactonnon-weightedandrisk-weightedcapitalconstraints193.3Impactofexemptingcentralbankreservesfromtheleverageratio203.4Howthesedynamicsaffectbanks’RWAdensityandpotentialregulatoryarbitrage214Conclusion245References25ECBOccasionalPaperSeriesNo3532AbstractThispaperexplorestherelationshipbetweenbanksandstablecoinsandtheirissuers,focusingonthemechan...