Discussion Paper
Governance of Permissionless Blockchain Networks
Seira, Amber; Allen, Jeffrey; Watsky, Cy; Alley, Richard (2024-02-09)
A permissionless blockchain network is a system of physically distributed computers running a copy of a shared ledger and using the same software rules that enable all network participants to “read, submit, and validate transactions” (Beck, Müller-Bloch, and King, 2018, p. 1022). A permissionless system’s accessibility stands in contrast to that of permissioned systems, in which a central authority pre-selects validators and potentially restricts viewing and submission rights (Krause, Natarajan, and Gradstein, 2017; Beck, Müller-Bloch, and King, 2018).
FEDS Notes , Paper 2024-02-09

Discussion Paper
Primary and Secondary Markets for Stablecoins
Watsky, Cy; Allen, Jeffrey; Daud, Hamzah; Demuth, Jochen; Little, Daniel; Rodden, Megan; Seira, Amber (2024-02-23)
Stablecoins are increasingly important in decentralized finance (DeFi) and crypto asset markets, and their prominence has led to greater scrutiny of their unique role as expressions of the U.S. dollar running on blockchain networks. Stablecoins attempt to perform a mechanically complex function – to remain pegged to the dollar, even during periods of market volatility.
FEDS Notes , Paper 2024-02-23-3