TechFlow news: The New York Fed's latest research report on digital assets指出 that the crypto industry currently has a relatively limited impact on financial stability, but could pose risks to the broader financial system if its scale continues to expand. The report focuses on multiple risk factors within the industry, including bank run risks, high leverage, and the high degree of interconnectedness across the ecosystem.
Regarding stablecoins, the report specifically notes that Tether still holds about 15% of its reserves in risky assets. Moreover, the ease of converting between stablecoins may exacerbate the risk of runs. Decentralized stablecoins such as DAI (now USDS) are considered to carry higher risk due to the longer decision-making timelines associated with DAO governance. A sudden liquidation of large volumes of U.S. Treasuries by a major stablecoin could shock traditional financial markets.
The report also highlights that regulatory gaps further amplify sector vulnerabilities, particularly because many crypto entities are based overseas or operate through organizational forms like DAOs that lack clear legal status. In addition, the interconnectedness of stablecoins within both the crypto ecosystem and the mainstream economy, along with their widespread use in lending protocols, could trigger cascading effects.
