In two new articles shared by BWC Member Ousmene Jacques Mandeng, he discusses the recent developments of tokenized monies in the Euro Area and the emergence of stablecoins. In Mandeng’s first article, he addresses the recent concern shared by senior representatives in the Euro Area regarding stablecoins. According to him, stablecoins may undermine the “singleness of money.” He states that the Euro Area risks constraining the competitiveness of the euro by being slow to welcome stablecoins as a useful payment instrument. In Mandeng’s second article, he expresses the fear that foreign issued stablecoins may attempt to seek redemption in the EU through the use of locally licensed stablecoin users. According to him, stablecoins ought to be traceable in order to ensure that implied statutory claims under MiCAR can be classified accurately. 

Read the full articles on stablecoins and the singleness of money and MiCAR and stablecoin multi-issuers.

All views expressed by members are their own and not reflective of the views of the Bretton Woods Committee.