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Filippo Zatti
Rosa Giovanna Barresi
Ali Nejadmalayeri
University of Florence
2022
Stablecoins’ Sense of Stability and Finality

This paper argues that “stability” in stablecoins is a subjective legal and economic construct, not a simple reference to price constancy, and must be interpreted differently across technological, monetary, and legal frameworks. It frames stablecoins as private money akin to digital money market funds and contends that their regulatory treatment should focus on systemic stability, sovereignty, and market function rather than nominal price behavior alone.