Hans Gersbach and other scholars from the Institute of Economics (KOF) at ETH Zurich, Switzerland, gave a speech on the theme "Contagious stablecoins?" at the World Economists Congress (ESWC) ** which opened on the 18th.
"In a multi-issuer competition environment, if one issuer starts paying interest, the others will have to follow suit. This will lead to inefficiency and instability in the [stablecoin] system as a whole."
They added: "This stablecoin interest payment mechanism is contagious and could eventually lead to a series of problems. Therefore, banning interest payments through regulation is a core measure to maintain an efficient stablecoin market."
Academics also point out that in the so-called "stablecoin secondary market", if investors do not redeem directly to the issuer, but circulate through market transactions, once the adjustment fails, it will also cause panic, so it is also necessary to regulate.
Analysis: Stablecoins should be banned from paying interest, otherwise it will harm efficiency and stability
2025-08-19 05:52:33
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