From Par to Pressure: Liquidity, Redemptions, and Fire Sales with a Systemic Stablecoin (IMF WP 2026/005)

From Par to Pressure: Liquidity, Redemptions, and Fire Sales with a Systemic Stablecoin (IMF WP 2026/005) https://www.imf.org/-/media/files/publications/wp/2026/english/wpiea2026005-source-pdf.pdf