NEW YORK, Feb. 7 (TNSLrpt) -- The Federal Reserve Bank of New York issued the following staff report (No. 1179) in Feb. 2026 by Xuesong Huang and Todd Keister entitled "Stablecoins vs. Tokenized Deposits: The Narrow Banking Debate Revisited."

Here is the abstract:

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We study how the type of money used in blockchain-based trade affects interest rates, investment, and welfare. Stablecoins in our model are backed by safe assets, while banks issue . . .

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