by Jake ClaverFSB, global stablecoins, and redemption rights: stablecoins doing real settlement work
Here the focus is FSB, global stablecoins, and redemption rights, which put stablecoins to work as settlement money. It names real organizations and documents, so the claim can be checked.
The Settlement Layer
This material is about fiat-denominated value moving through the ecosystem, usually via issuance or settlement. Supporting material comes from the FSB final report PDF and the BIS FSI executive summary PDF. FSB final recommendations page, a research document from the organizations involved, states it directly:
> To maintain a stable value at all times and mitigate the risks of runs, authorities should require GSC arrangements to have an effective stabilisation mechanism, clear redemption rights and meet prudential requirements. Redemption rights Authorities should require GSC arrangements to provide a robust legal claim and timely redemption to all users over a time period that is consistent with the treatment for other payment and settlement assets.5 Redemption requests should be processed without undue costs for the user.
Why Settlement Rails Matter For Market Infrastructure
For the broader institutional payments and tokenization stack, this matters because stablecoin activity can improve how useful a network is for payments and treasury operations.
The Settlement Screenshot
