Llama Risk Response to FCA Discussion Paper: DP23/4
We are grateful for the opportunity to provide feedback on the FCA's discussion paper on stablecoins regulation. The response herewith is informed by our extensive risk assessment of USDM, a regulated Real-World Asset (RWA) token backed by short-term U.S. Treasuries, and asset overview of USDY, a tokenized note anchored by U.S. Treasuries and bank deposits. Additionally, our insights are aligned with the recent S&P Stability Assessments of centralized stablecoins, reflecting our commitment to maintaining the highest standards of safety and compliance in this evolving market.
