The National Institute of Standards and Technology (NIST) is looking for public feedback on a draft report on stablecoin technologies and related security concerns in an effort to better understand the digital assets industry. Stablecoins are a type of cryptocurrency that aim to maintain a stable price relative to a specified asset, such as the U.S. dollar or gold. While the economic implications of stablecoins are often written about, NIST’s draft report aims to discuss some of the vital underlying aspects of the currency: “the technical mechanisms and architectures used and related security considerations.” “While some discussion of economic aspects is unavoidable (given that stablecoins are used as a form of currency), this work focuses on the technology issues,” NIST wrote. The draft report “offers a technical description of stablecoin technology to enable reader understanding of the variety of ways in which stablecoins are architected and implemented. It then uses that technical foundation to explore related security, safety, and trust issues,” the agency said. In the report, NIST discusses hypothetical security issues that could impact stablecoins, such as attackers exploiting the underlying blockchain technology or finding a vulnerability in the smart contract code.
About OODA Analyst
OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.