Stablecoins Meet the Mundell-Fleming Trilemma (Staff Report No. 1202)
This New York Fed staff report studies the 19 largest dollar stablecoins, locating wallets through about 3 million ENS name-owner pairs to link stablecoin use to the Mundell-Fleming trilemma. Stablecoin receipts appear in 9.8 percent of wallet-weeks, and in countries going through a crisis, wallets are 1.9 percentage points more likely to receive stablecoins during crisis weeks.
Key figures
| Figure | Value | Source |
|---|---|---|
| Stablecoins covered | the nineteen largest USD-denominated stablecoins | p. 2 |
| ENS registrations used for geotagging | approximately 3 million name-owner pairs | p. 6 |
| Wallet-weeks with any stablecoin receipt | 9.8% | p. 7 |
| Crisis-country wallets in crisis weeks | 1.9 percentage points more likely to receive stablecoins | p. 21 |
- Global