Are Stablecoins Special?

On October 24, 2021, the Harvard Law School Forum on Corporate Governance published an article written by Cravath senior attorney Will C. Giles entitled “Are Stablecoins Special?” Originally published for Cravath’s clients on September 24, 2021, the article uses Gerald Corrigan’s seminal 1982 essay “Are Banks Special?” as an analytical framework to examine the current policy debate surrounding stablecoins (a type of cryptocurrency with its value pegged to an external reference such as a currency). The resource concludes that there are parallels between banks, as analyzed and defined by Corrigan, and stablecoins. Those parallels can help inform the debate around the future regulation of stablecoins.

Please click here to read the resource.