Discussion Paper
Primary and Secondary Markets for Stablecoins
Demuth, Jochen; Seira, Amber; Rodden, Megan; Watsky, Cy; Daud, Hamzah; Little, Daniel (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

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