Discussion Paper
The Future of Payment Infrastructure Could Be Permissionless
Abstract: Following the recent passage of legislation in the U.S., payment stablecoins seem to be on the brink of wider-scale adoption and explosive growth in market capitalization. In this post, we contend that the driving factor is not their proximity to digital cash instruments, but rather how they are transferred—via global, open-access, peer-to-peer systems, or “permissionless blockchains,” for short.
JEL Classification: G23; E41; E42;
https://doi.org/10.59576/lse.20251125
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https://libertystreeteconomics.newyorkfed.org/2025/11/the-future-of-payment-infrastructure-could-be-permissionless/
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Provider: Federal Reserve Bank of New York
Part of Series: Liberty Street Economics
Publication Date: 2025-11-25
Number: 20251125