coin, have a market capitalisation of close to $150bn. As they have exploded in value, their similarity to banks has begun to exercise regulators. Like banks, they in effect take deposits and promise immediate redemption; if many holders want to withdraw their money at the same time, and the issuer holds risky assets, then the digital coins could be in danger of collapsing.
The lack of a national currency before 1863 created obvious economic inefficiencies. Dollars issued by unfamiliar banks a long way from home traded at a discount, due to the lack of information about the financial health of their issuers. For the issuing bank, having notes circulate far away was an advantage, since the holders were very unlikely to turn up to redeem them.
Yet there are also differences between stablecoins and the private money of antebellum America. Back then, anyone who needed banking services or currency had to place their financial fate in the hands of opaque and risky institutions. By contrast, no one in the rich world is obliged to hold stablecoins; safer alternatives, such as insured bank deposits and cash, are readily available.
CalvinAyre Early banks of the United States of America
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