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1、REPORTStablecoins:The future of money?Contents Executive summaryThe digital assets rewiring the global financial systemA brief history of stablecoinsImpact of stablecoins on the global financial systemThe business of stablecoinsChallenges and outlookKey considerations for banks,payment providers and

2、 regulators3447101213Page2 Roland Berger|Stablecoins:The future of money?Executive summaryStablecoins are cryptocurrencies pegged 1:1 with a national currency such as the US dollar.Stablecoins were invented to enable traders to buy and sell cryptocurrencies on centralized exchanges.However,advances

3、in blockchain technology,combined with adverse macroeconomic factors such as hyperinflation in some countries,have resulted in stablecoins evolving into a convenient medium for payments,remittances and even savings.Having amassed more than USD 215 billion in total market capitalization,stablecoins t

4、oday represent an increasingly viable alternative to traditional banking and payment services,offering faster,cheaper and direct transactions.Stablecoins make it possible to transfer money internationally in a matter of seconds and at minimal cost.As such,they have the potential to disrupt tradition

5、al financial services from payments and remittances to core banking services such as checking accounts.Although stablecoins have now found product-market fit,several challenges to their adoption remain.These primarily relate to the stability of the reserves upon which stablecoins are backed,integrat

6、ion with traditional financial services,user experience and regulatory acceptance.Stablecoin issuers,blockchain players and regulators are making progress in addressing these challenges.To remain competitive,traditional financial players such as banks and credit card providers need to assess how and