The National Institute of Standards and Technology is soliciting public comments on its initial draft report that provides a technical description of stablecoins, which are a type of cryptocurrencies, to help the public understand how this technology is designed and implemented.
The draft NIST IR 8408 includes a descriptive definition of stablecoins, the technology’s properties, characteristics and taxonomies, among others, NIST said Thursday.
The document offers information on fiat currency-backed, cryptocurrency-backed and non-currency asset-backed, algorithmic non-collateralized, hybrid and private institutional stablecoins.
The report also explores security, trust and safety concerns associated with stablecoins with an analysis carried out from a technology perspective.
NIST will accept comments through Jan. 6, 2023.