Conference on the Financial Stability Implications of Stablecoins Conference on the Financial Stability Implications of Stablecoins

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April 5, 2024
8:30 A.M. – 5:15 P.M. ET
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Virtual

 

The Federal Reserve Bank of Boston and Federal Reserve Bank of New York cordially invite you to participate in a virtual conference on the Financial Stability Implications of Stablecoins on Friday, April 5, 2024, from 8:30 a.m. to 5:15 p.m. EST.

The conference will bring together researchers, regulators, and industry participants to discuss the potential impact of stablecoins on the broader financial system. The conference will include welcoming remarks from Susan M. Collins, President and Chief Executive Officer of the Federal Reserve Bank of Boston, and keynote remarks from John Schindler, Secretary General of the Financial Stability Board.

Program Committee:

Kenechukwu Anadu, Federal Reserve Bank of Boston
Marco Cipriani, Federal Reserve Bank of New York

Friday, April 5, 2024, from 8:30 a.m. to 5:15 p.m. EST.

Note: each talk is 45 minutes, with 15 minutes for questions; breaks are 15 minutes.
Preliminary Agenda (as of April 2, 2024)

8:30 a.m. to 8:45 a.m.

Welcoming Remarks

Susan M. Collins, President and Chief Executive Officer, FRB Boston

8:45 a.m. to 9:30 a.m.

Anatomy of a Run: The Terra Luna Crash

Authors:

Jiageng Liu (Massachusetts Institute of Technology*), Igor Makarov (London School of Economics), and Antoinette Schoar*

Presenter:

Igor Makarov (London School of Economics)

9:30a.m. to 9:45 a.m.

Break

9:45 a.m. to 10:30 a.m.

Runs and Flights to Safety: Are Stablecoins the New Money Market Mutual Funds?

Authors:

Kenechukwu Anadu (FRB Boston*), Pablo Azar (FRB New York**), Marco Cipriani**, Thomas Eisenbach **, Catherine Huang (Harvard Business School), Mattia Landoni*, Gabriele La Spada**, Marco Macchiavelli (UMass Amherst), Antoine Malfroy-Camine*, and J. Christina Wang*

Presenter:

Pablo Azar (FRB New York)

10:30 a.m. to 10:45 a.m.

Break

10:45 a.m. to 11:30 a.m.

Stablecoin Runs and the Centralization of Arbitrage

Authors:

Yiming Ma (Columbia University), Yao Zeng (University of Pennsylvania), and Anthony Lee Zhang (University of Chicago)

Presenter:

Yiming Ma (Columbia University)

11:30 a.m. to 11:45 a.m.

Break

11:45 a.m. to 12:30 p.m.

Discussion with the Former Director of the Securities and Exchange Commission's Division of Investment Management

Speaker:

William Birdthistle, Former Director, Securities and Exchange Commission

Moderator:

Kenechukwu Anadu, FRB Boston

12:30 p.m. to 1:15 p.m.

Lunch Break

1:15 p.m. to 2:00 p.m.

Keynote address: Stablecoins: Some Policy Considerations

Speaker:

John Schindler, Secretary General, Financial Stability Board

2:00 p.m. to 2:15 p.m.

Break

2:15 p.m. to 3:00 p.m.

Stablecoins (Self)Regulation

Author:

Francesca Carapella (Federal Reserve Board)

Presenter:

Francesca Carapella (Federal Reserve Board)

3:00 p.m. to 3:15 p.m.

Break

3:15 p.m. to 4:00 p.m.

Can Stablecoins Be Stable?

Authors:

Adrien d'Avernas (Stockholm School of Economics), Vincent Maurin (HEC Paris), and Quentin Vandeweyer (University of Chicago)

Presenter:

Quentin Vandeweyer (University of Chicago)

4:00 p.m. to 4:15 p.m.

Break

4:15 p.m. to 5:00 p.m.

Leverage and Stablecoin Pegs

Authors:

Gary Gorton (Yale), Elizabeth Klee (Federal Reserve Board*), Chase Ross*, Sharon Ross*, and Alexandros Vardoulakis*

Presenter:

Elizabeth Klee (Federal Reserve Board)

5:00 p.m. to 5:15 p.m.

Closing Remarks

Speaker:

Marco Cipriani, Federal Reserve Bank of New York

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