After doing this study do you fundamentally agree with the conclusions of “Taming wildcat stablecoins?”
I’m sure @Astrid_CH could explain the piece better than I could, but if I recall correctly they were saying that stablecoins were neither money nor banks by legal definition, and suggested that the government could:
"(1) transform stablecoins into the equivalent of public money by (a) requiring stablecoins to be issued through FDIC insured banks or (b) requiring stablecoins to be backed one-for-one with Treasuries or reserves at the central bank; or (2) introduce a central bank digital currency and tax private stablecoins out of existence.” (Gorton & Zhang, 2021)
There were some pretty poignant objections to “taming wildcat stablecoins” though.