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Preventing a stablecoin liquidity crisis Aug 03,2021 - Last updated at Aug 03,2021 LONDON Liquidity is to the modern economy what lubricant is to a car engine. Provide enough of it, and things run smoothly; come up short and the result is a red-hot, smoke-spewing mess. But whereas lubricating oil is easy to gauge, financial liquidity is here today and gone tomorrow. A financial crisis is always around the corner and the next one could result from the rapid rise of cryptocurrencies and especially so-called stablecoins. A financial crisis is another name for the sudden drying up of liquidity. Before the 2008 global financial meltdown, private financial institutions were busy creating it, slicing and dicing low-quality mortgages and combining them into financial assets that were liquid and attractive to hold until one day they weren’t. Panic-gripped financial players suddenly began dumping everything in their portfolios, including apparently ultra-safe money-market funds that

New yorkUnited statesCity ofUnited kingdomLetitia jamesAndres velascoJefferyy zhangMario draghiYale school of management garyb gortonEuropean central bankLondon school of economicsColumbia university guillermo calvoSchool of publicYale schoolNew york attorney general letitia jamesColumbia university