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1 posts from "October 2025"
October 1, 2025

A Historical Perspective on Stablecoins

Stephan Luck

The first issue of National Bank Notes. Original and series 1875. Rendered in decorative design for different values from $1 to $1000. Black and white on the front and green on the back side.

Digital currencies have grown rapidly in recent years. In July 2025, Congress passed the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” (GENIUS) Act, establishing the first comprehensive federal framework governing the issuance of stablecoins. In this post, we place stablecoins in a historical perspective by comparing them to national bank notes, a form of privately issued money that circulated in the United States from 1863 through 1935.

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Posted at 7:00 am in Banks, Cryptocurrencies | Permalink | Comments (0)

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