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A Historical Perspective on Stablecoins
From libertystreeteconomics.newyorkfed.org
Digital currencies have grown rapidly in recent years. In July 2025, Congress passed the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” (GENIUS) Act, establishing the first comprehensive federal framework governing the issuance of stablecoins. In this post, we place stablecoins in a historical perspective by comparing them to national bank notes, a form of privately issued money that circulated in the United States from 1863 through 1935. What Are Stablecoins? Stablecoins are digital currencies designed to maintain a stable nominal value by being pegged to a benchmark such as the U.S. ... (full story)
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