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Summary of ECB Occasional Paper Series No 353: Toss a stablecoin to your banker

Key Findings

• Discipline Interaction: The paper analyzes stablecoins/predatory assets' impact on banks' liquidity (LCR) and capital (Leverage Ratio) ratios.
• Effect on Liquidity (LCR):
  • Stablecoin Deposits: Treating deposits from stablecoin issuers as wholesale funding (high outflow rates like 100%) negatively impacts the LCR, even if reinvested in high-quality liquid assets.
  • Bank Issuance: If a bank issues stablecoins and cannot identify holders, it must apply a 100% outflow rate, harming its LCR. If holders are identifiable (e.g., retail), a lower outflow rate may be used.
  • Interbank Effects: Interbank transfers triggered by stablecoin holdings can unexpectedly worsen both banks' LCRs.
• Effect on Capital (Leverage Ratio):
  • Receiving stablecoin deposits does not typically impact the risk-weighted capital ratio, as deposits backing stablecoins are held in low-risk assets.
  • However, it can negatively impact the non-weighted leverage ratio, increasing the bank's balance sheet without raising capital.
  • Holding central bank reserves (within regulatory exemptions) can mitigate this leverage ratio constraint.
• RWA Density: Stablecoin deposits increase bank assets but have a minimal impact on Risk-Weighted Assets (RWAs) if held in HQLAs, thus lowering RWA density and potentially easing Tier 1 capital requirements for banks with high RWA profiles.

Disclaimer

The views expressed are those of the authors and do not necessarily reflect the ECB's views.