Back to Publications

Stablecoins in cryptoeconomics from initial coin offerings to central bank digital currencies

Just months after the 2008 Financial Crisis, the world's first cryptocurrency hit the market. In a now famous paper, Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto unleashed the first decentralized cryptocurrency, called Bitcoin, and spearheaded the world's revolution into digital currency. 1 As the cryptocurrency market evolved, entrepreneurs began to create new types of coins. Just several years later, JR Willett proposed the possibility of creating new coins on top of Bitcoins, 2 opening a new era of" cryptoeconomics." Willett later launched the first initial coin offering (ICO), Mas-tercoin 3 (now Omni4).