UN-stablecoins

In a major encyclical, while overall sounding positive: Next-Generation Monetary And Financial System Takes Shape, Based On A Tokenised Unified Ledger (BIS)... albeit I see that “unified” ledger as being, well…not distributed, there is a resounding no to my own bugbear, the ludicrously named “Stablecoins” which will prove no such thing through an economic cycle, QV, BIS Says Stablecoins Fail As Money, Calls For Strict Limits On Their Role (Cointelegraph).

That memo is being blithely disregarded by those of a more political persuasion in Europe despite the ECB not being comfortable with the stablecoin idiocy either: Brussels Set To Disregard ECB Warnings Over Stablecoin Rules, FT Reports (Reuters).

And in Seoul even the central bank doesn’t appreciate the risks it seems - or perhaps they are placing the stablecoins under their own issuance but isn’t that CBDC? South Korea’s Central Bank Wants Gradual Stablecoin Rollout (Cointelegraph).

There’s Russian stablecoin too but anything backed to the Ruble can’t grammatically have validity methinks in a sentence which also infers ‘stable?’ Russian Ruble Stablecoin A7A5 Tied To Garantex Successor: FT (Cointelegraph).

German Regulator Closes Case Against Ethena GmbH Over USDe Issuance (Cointelegraph) amounts to a kinda happy ending albeit reminding us what the problems can be in the first place.