One study estimated that more than a quarter of  10  Ciphertrace (2019b). -6bitcoin users and roughly half of bitcoin transactions, for example, are associated with illegal activity. 11 There are also questions related to the implications of a widely used stablecoin for financial stability.
If not managed effectively, liquidity, credit, market, or operational risks, alone or in combination, could trigger a loss of confidence and run-like behavior. This could be exacerbated by the lack of clarity about the management of reserves and the rights and responsibilities of various market participants in the network.