{"id":1529,"date":"2021-07-18T00:01:00","date_gmt":"2021-07-17T23:01:00","guid":{"rendered":"https:\/\/lasentinelle.dz\/?p=1529"},"modified":"2021-07-17T17:28:19","modified_gmt":"2021-07-17T16:28:19","slug":"lillusion-du-stablecoin","status":"publish","type":"post","link":"https:\/\/lasentinelle.dz\/index.php\/2021\/07\/18\/lillusion-du-stablecoin\/","title":{"rendered":"L\u2019illusion du stablecoin"},"content":{"rendered":"\n

parBarry Eichengreen<\/p>\n\n\n\n

Le d\u00e9bat sur les stablecoins (ou cryptomonnaies stables) a grandement \u00e9volu\u00e9 depuis l\u2019annonce de la cr\u00e9ation de la monnaie Libra (maintenant rebaptis\u00e9e Diem) par Facebook il y a presqu\u2019exactement deux ans. Un coin obscur de la sph\u00e8re num\u00e9rique, qui \u00e9tait alors mal compris, est d\u00e9sormais soumis \u00e0 un examen de plus en plus intense de la part des banquiers centraux, des r\u00e9gulateurs et des investisseurs. Les enjeux, y compris pour la stabilit\u00e9 financi\u00e8re, sont importants. La capitalisation boursi\u00e8re, ou l’offre en circulation, des seules quatre principales cryptomonnaies stables d\u00e9passe les 100 milliards de dollars am\u00e9ricains.<\/p>\n\n\n\n

Mais examen plus approfondi ne signifie pas meilleure compr\u00e9hension. Prenez tout d\u2019abord la croyance que les cryptomonnaies stables sont intrins\u00e8quement stables car elles sont \u00ab enti\u00e8rement garanties \u00bb. La question, bien s\u00fbr, est : garantie par quoi ?<\/p>\n\n\n\n

Les investisseurs na\u00effs dans les cryptomonnaies li\u00e9es au dollar supposent que la garantie prend la forme de dollars d\u00e9tenus dans des banques am\u00e9ricaines assur\u00e9es par le gouvernement f\u00e9d\u00e9ral ou leur proche \u00e9quivalent. Or, ce n’est qu’en partie correct. Apr\u00e8s avoir \u00e9t\u00e9 critiqu\u00e9 pour son opacit\u00e9, le principal \u00e9metteur de cryptomonnaies stables, Tether Limited, a r\u00e9cemment r\u00e9v\u00e9l\u00e9 qu’il d\u00e9tenait \u00e0 peine un quart de ses r\u00e9serves en esp\u00e8ces, comptes bancaires et titres d’\u00c9tat, tout en d\u00e9tenant pr\u00e8s de la moiti\u00e9 en papier commercial et un autre dixi\u00e8me en obligations d’entreprises. Le deuxi\u00e8me stablecoin par capitalisation, USD Coin, explique seulement qu’il d\u00e9tient ses r\u00e9serves dans des institutions de d\u00e9p\u00f4t am\u00e9ricaines assur\u00e9es, ainsi que sous la forme d’autres \u00ab investissements approuv\u00e9s \u00bb. Quoi que cela signifie.<\/p>\n\n\n\n

Une telle obscurit\u00e9 cr\u00e9e des risques pour les cryptomonnaies stables elles-m\u00eames, pour leurs investisseurs et, surtout, pour la stabilit\u00e9 des march\u00e9s financiers. Le manque de transparence sur la qualit\u00e9 du papier commercial, le type d’obligations d’entreprise et les autres \u00ab investissements approuv\u00e9s \u00bb d\u00e9tenus en garantie est une source de fragilit\u00e9. Ce type d’asym\u00e9trie d\u2019information, o\u00f9 les investisseurs ne savent pas exactement ce qui a \u00e9t\u00e9 fait avec leur argent, a donn\u00e9 lieu \u00e0 des paniques bancaires et \u00e0 des crises bancaires \u00e0 travers les \u00e2ges. Dans ce contexte, une baisse de la valeur du papier commercial ou du march\u00e9 des obligations d’entreprise pourrait facilement d\u00e9clencher un stablecoin run (une ru\u00e9e hors des cryptomonnaies stables). Et la chute du cours des obligations signifierait que l’\u00e9metteur de cryptomonnaies stables n’aurait pas les moyens de rembourser ses d\u00e9tenteurs.<\/p>\n\n\n\n

De plus, il existe un risque de contagion : une ru\u00e9e sur un stablecoin pourrait se propager \u00e0 d’autres. Quelles sont les chances qu’une ru\u00e9e sur Tether laisse intacte la confiance dans l’USD Coin ? La Banque centrale europ\u00e9enne, qui conna\u00eet une chose ou deux sur la contagion financi\u00e8re, a mis en garde contre ce sc\u00e9nario.<\/p>\n\n\n\n

Pour limiter ces probl\u00e8mes dans le syst\u00e8me bancaire, les gouvernements assurent les d\u00e9p\u00f4ts des particuliers et les banques centrales agissent en tant que pr\u00eateurs en dernier ressort des institutions de d\u00e9p\u00f4t. Certains commentateurs, tels que l’ancien gouverneur de la Banque d’Angleterre, Mark Carney, ont sugg\u00e9r\u00e9 que les banques centrales devraient fournir un soutien similaire aux \u00e9metteurs de cryptomonnaies stables.<\/p>\n\n\n\n

Les autorit\u00e9s n’y consentiraient bien entendu que si ces \u00e9metteurs \u00e9taient soumis \u00e0 une surveillance stricte destin\u00e9e \u00e0 limiter l’incidence des probl\u00e8mes. Les fournisseurs de stablecoins devraient demander l’\u00e9quivalent des chartes bancaires et \u00eatre soumis \u00e0 la r\u00e9glementation correspondante. Un stablecoin ne serait alors rien d’autre qu’une banque dite \u00e9troite, autoris\u00e9e \u00e0 investir uniquement dans les bons du Tr\u00e9sor et les d\u00e9p\u00f4ts \u00e0 la banque centrale, avec un m\u00e9canisme de paiement de type Paypal construit par-dessus.<\/p>\n\n\n\n

Alternativement, les cryptomonnaies stables pourraient \u00eatre consid\u00e9r\u00e9es comme l’\u00e9quivalent num\u00e9rique des fonds du march\u00e9 mon\u00e9taire de premier ordre, qui investissent \u00e9galement dans le papier commercial. Le probl\u00e8me avec ce mod\u00e8le, comme nous l’avons appris lors de la crise financi\u00e8re mondiale de 2007-08, est que le papier commercial normalement liquide peut soudainement devenir illiquide. Lorsque cela s’est produit en 2008, le gouvernement am\u00e9ricain a cherch\u00e9 \u00e0 apaiser la panique qui a suivi en garantissant temporairement tous les fonds du march\u00e9 mon\u00e9taire. Pour \u00e9viter que cela ne se reproduise, la Securities and Exchange Commission a alors publi\u00e9 des r\u00e8gles exigeant que les fonds, au lieu de maintenir un cours de 1 dollars par action, affichent des valeurs liquidatives flottantes pour rappeler aux investisseurs que les fonds du march\u00e9 mon\u00e9taire ne sont pas sans risque. Elle a permis aux fonds mon\u00e9taires d’instituer des limites sur les remboursements (\u00ab gates \u00bb), en vertu desquelles ils peuvent contingenter les retraits et facturer des frais temporaires allant jusqu’\u00e0 2%.<\/p>\n\n\n\n

Fait r\u00e9v\u00e9lateur, le dernier livre blanc de Diem pr\u00e9voit \u00e9galement des limites sur les remboursements et les conversions pour prot\u00e9ger le stablecoin contre les ru\u00e9es. Mais une cryptomonnaie stable qui n’est remboursable que moyennant des frais ou qui ne peut pas \u00eatre \u00e9chang\u00e9e contre des dollars en quantit\u00e9s illimit\u00e9es ne sera pas une alternative attrayante \u00e0 l’argent de la R\u00e9serve f\u00e9d\u00e9rale, tout comme les actions de fonds communs de placement du march\u00e9 mon\u00e9taire sont un substitut imparfait aux esp\u00e8ces.<\/p>\n\n\n\n

Le probl\u00e8me de stabilit\u00e9 financi\u00e8re le plus inqui\u00e9tant est que la capitalisation boursi\u00e8re des quatre plus grandes cryptomonnaie stables en dollars am\u00e9ricains se rapproche d\u00e9j\u00e0 de celle du plus grand fonds commun de placement institutionnel, JPMorgan Prime Money Market Fund. Une panique qui obligerait ces stablecoins \u00e0 liquider une part importante de leurs avoirs en papier commercial et en obligations d’entreprises mettrait en p\u00e9ril la liquidit\u00e9 de ces march\u00e9s. Et les dislocations des march\u00e9s mon\u00e9taires \u00e0 court terme peuvent s\u00e9rieusement perturber le fonctionnement de l’\u00e9conomie r\u00e9elle, comme nous l’avons \u00e9galement appris \u00e0 nos d\u00e9pens en 2008.<\/p>\n\n\n\n

Le r\u00e9sultat est que la stabilit\u00e9 des stablecoins est une illusion. Ils sont peu susceptibles de remplacer l’argent de la R\u00e9serve f\u00e9d\u00e9rale, de r\u00e9volutionner la finance et de r\u00e9aliser les r\u00eaves de leurs passionn\u00e9s libertaires.<\/p>\n\n\n\n

Traduit de l\u2019anglais par Timoth\u00e9e Demont<\/strong><\/p>\n\n\n\n

Copyright: Project Syndicate, 2021.<\/strong>\u2028<\/strong><\/strong><\/p>\n\n\n\n

www.project-syndicate.org<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Barry Eichengreen est professeur d’\u00e9conomie \u00e0 l’Universit\u00e9 de Californie \u00e0 Berkeley et ancien conseiller politique principal au Fonds mon\u00e9taire international. Il est l’auteur de nombreux livres, dont In Defence of Public Debt \u00e0 para\u00eetre.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

parBarry Eichengreen Le d\u00e9bat sur les stablecoins (ou cryptomonnaies stables) a grandement \u00e9volu\u00e9 depuis l\u2019annonce de la cr\u00e9ation de la<\/p>\n","protected":false},"author":3,"featured_media":1562,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","_wpscppro_dont_share_socialmedia":false,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[38],"tags":[],"class_list":["post-1529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debats"],"aioseo_notices":[],"yoast_head":"\nL\u2019illusion du stablecoin - 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