According to an ECB working paper, stablecoins are not 'crypto safe haven'.

Despite their promised convertibility to real-world currencies, the paper argues that stablecoins do not act as "safe havens" against crypto or other financial shocks. It notes that stablecoins' balance sheets resemble money market funds (MMFs), with short-term liquid assets such as US Treasuries, high-quality commercial paper and bank deposits

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