This paper explores the feasibility of a fiat stablecoin that provides similar privacy guarantees to cash. We show how individuals in a stablecoin privacy pool can exchange small amounts of value within pre-assigned limits outside the view of third parties, such as banks, central banks, crypto...

Most central banks in advanced economies consider issuing central bank digital currencies (CBDCs) to address the declining use of cash and to position themselves against increased competition from Big Tech companies, cryptocurrencies, and stablecoins. One crucial design dimension of a CBDC...