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Stablecoins and the Future of Payments : Evidence from Financial Markets / Alexander Copestake, Cage Englander, Maria Martinez Peria, Germán Villegas-Bauer.
- Format:
- Book
- Government document
- Author/Creator:
- Copestake, Alexander.
- Series:
- IMF Working Papers; Working Paper ; No. 2026/052
- IMF Working Papers
- Language:
- English
- Physical Description:
- 1 online resource (58 pages)
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2026.
- Summary:
- We examine whether financial market participants, in aggregate, expect stablecoins to play an important role in payments. Using high-frequency variation in stock prices, we estimate that U.S. legislation supporting the use of stablecoins in payments reduced the market value of listed incumbent payment firms by 18% or approximately $300 billion, consistent with stablecoins increasing competition in the payments sector. This impact is larger than that of other recent pro-competitive regulatory shocks and (i) proportionately larger for incumbents focused on cross-border payments, (ii) smaller for incumbents protected by network effects, and (iii) smaller for incumbents already offering crypto-related services.
- Notes:
- Description based on print version record.
- ISBN:
- 979-82-290-4267-3
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