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An evaluation of stablecoins is a balancing act between polarizing stakeholder priorities. End-users will seek a form of money and payment system that maximizes private benefits and reduces associated costs and risks
1. End-users emphasize the means of payment and store of value functions of money, which are characterized by criteria like liquidity, scalability, additional services, ease of use, efficiency, and anonymity, amongst others
2. Commercial banks will seek a form of money and payment system that amplifies society’s reliance on them as intermediaries in the hopes of increasing profits. From a public policy perspective, there are three primary objectives for a money and payment system; that they support financial integrity, financial stability and monetary policy effectiveness