asset trading platforms. see the section entitled “ stablecoins ’ role within the crypto - asset ecosystem ” in adachi, m. et al. ( 2022 ), “ stablecoins ’ role in crypto and beyond : functions, risks and policy ”, macroprudential bulletin, issue 18, ecb. 24. see the may 2023 report by the esrb task force on crypto - assets and decentralised finance entitled “ crypto - assets and decentralised finance ”. 25. a decentralised finance ecosystem is built around crypto lending that is collateralised by other cryptoassets, using smart contracts to implement margin calls. the failure of ftx had a large impact on the price of crypto - assets serving as collateral for crypto lending. this triggered cascading liquidations by crypto lenders because of the decrease in the value of the collateral. 26. see us securities and exchange commission ( 2023 ), sec files 13 charges against binance entities and founder changpeng zhao, 5 june. 27. in particular, mastercard, paypal and visa continue building capabilities and strategic partnerships to support crypto - assets ( as well as stablecoins ). 28. see, for example, jp morgan ’ s onyx coin systems product team, fidelity ’ s fidelity [UNK] account and citi ’ s collaboration with metaco to develop and pilot digital asset custody capabilities. 29. meta expressed interest in the metaverse and the potential integration of crypto - assets and blockchain technology within its virtual reality platform. the company has been exploring the concept of a blockchainbased digital currency called " facebook diem " ( previously known as libra ). twitter has integrated bitcoin tipping features. it allows users to send and receive bitcoin tips to content creators and other users on the platform. 30. see pymts ( 2023 ), circle says lack of direct emi access to eu central bank accounts stifles payments innovation. 31. circle ’ s usd 31 billion usdc stablecoin maintains around usd 25 billion of its reserves in short - term us treasury bills in the exclusive circle reserve fund, managed by blackrock. the fund is registered as a “ 2a - 7 ” government money market fund. circle ’ s objective for the fund was to secure access to the federal reserve ’ s reverse repurchasing facility through blackrock, allowing the company to move usdc ’

carried out since the mou was signed in 2015, and the list of projects in the pipeline is very long. last but not least, dr rennert ’ s profound expertise on macroeconomic and political developments in the region has helped shape opinion at the highest echelons of the bundesbank. 3 / 4 bis central bankers'speeches in view of dr rennert ’ s excellent achievements here in sao paulo, i am delighted that he will be applying his skills and expertise to a strategic position in the directorate general financial stability from january onwards. i am very pleased to present dr eike berner as the new bundesbank representative at our office here in sao paolo, starting on 1 december. i am certain that mr berner is a very suitable successor for this position. during his time at the university of kiel, he acquired a thorough understanding of international trade by pursuing academic research and lecturing on the economic analysis of trade. at the bundesbank, he joined the ranks of the international and euroarea macroeconomic analysis division of the directorate general economics. since his arrival, he has made significant contributions to our economic analyses of euro - area topics and countries. having worked in diverse macroeconomic and political fields, he has become quite the versatile economic expert. thanks to his expertise, openness and dedication, he has already paved the way to success here in sao paolo. thank you. 4 / 4 bis central bankers'speeches