The authors suggested regulators evaluate requiring stablecoin issuers to hold part of their reserves as bank deposits, noting it could support bank funding but concentrate uninsured deposits in few banks.

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Laws and rules for fiat-pegged tokens, from the US GENIUS Act to Europe's MiCA, covering reserves, licensing and yield restrictions.