Understanding Stablecoins (Q4 2025) – Tobias Adrian, Parma Bains, Marianne Bechara, Eugenio Cerutti, Stephanie Forte, Federico Grinberg, Alessandro Gullo, Martina Hengge, Agnija Jekabsone, Kathleen Kao, Tommaso Mancini Griffoli, Soledad Martinez Peria, Marcello Miccoli, Marco Reuter, and Nobuyasu Sugimoto