Cryptocurrencies and decentralised finance: functions and financial stability implications

Cryptocurrencies and decentralised finance: functions and financial stability implications

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Cryptocurrencies and decentralised finance: functions and financial stability implications

BIS Papers | No 156 | 15 April 2025by Matteo Aquilina, Giulio Cornelli, Jon Frost and Leonardo GambacortaPDF full text (733kb) | 25 pagesCryptocurrencies and decentralised finance (DeFi) aim to replicate many of the economic functions of traditional finance (TradFi), but their distinctive features introduce new financial stability risks.

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