Why regulators should treat stablecoins like banks
Cryptocurrencies are not a threat to the financial system, yet. What precisely are 'stablecoins'? They are a particular variant of cryptocurrencies "that pegs its value to conventional money." What The Economist finds worrying about them is that whereas a fallout of a crypto coin like Bitcoin would still be somewhat 'manageable', when it comes to others like Tether, is anyone's guess.
From The Economist