See the section entitled “Stablecoins’ role within the crypto-asset ecosystem” in Adachi, M. et al. (2022), “Stablecoins’ role in crypto and beyond: functions, risks and policy”, Macroprudential Bulletin, ECB. 15. Less than 10% of the total crypto-asset market at present. 16. In September 2022. 17. These are collateralised stablecoins. 18.
Economic activity The economy rebounded in the second quarter of the year and, as restrictions are eased, is on track for strong growth in the third quarter. We expect manufacturing to perform strongly, even 1/3  BIS central bankers' speeches  though supply bottlenecks are holding back production in the near term.