We also see that few strategies have yet been designed that would render insurance firms immune to this mismatch. That is why they should be cautious about the promises that they make to their customers.” Talking about promises, are sufficient securities available for purchase? “The stock of available securities is vast.
Before leaving the topic of crypto-assets, I would like to touch on stablecoins. Stablecoins, which like other instruments that purport to be available on demand at par value, can be subject to destabilizing runs and require strong federal prudential oversight to mitigate their potential for economic harm. That is especially the case for stablecoins that aim to function as private money.