Circle recently released a white paper entitled "Risk Capital for Stable Value Tokens", which proposes a new risk-based capital management model for stablecoins and other digital cash tokens. According to the authors of the white paper, stablecoins require adequate capital reserve requirements, which go beyond the current capital standards established under the Basel banking regulatory framework, in order to mitigate the risks specific to stablecoins, other fiat equivalent tokens and their issuers. According to the authors, these unique risks include, but are not limited to, a decline in token prices due to market trading and the prevalence of secondary markets, followed by a "run" on digital tokens due to excessive selling, operational risks, and technical risks.