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ECB working paper: The role of stablecoins as crypto havens is questionable

A paper published by the European Central Bank (ECB) questions the role of stablecoins as a safe haven for crypto and traditional market shocks, which are vulnerable to shocks brought about by changes in US monetary policy. Austerity shocks have had a negative reaction to stablecoins, even more so than traditional crypto shocks, while money market funds (MMFs) have flourished.