Results 171 to 180 of about 633 (207)
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FEDS Notes, 2022
Stablecoins have garnered much attention as a key part of the emerging decentralized finance ("DeFi") ecosystem, and as a potential way to pay for goods and services. Stablecoins facilitate trades on crypto exchanges, serve as the underlying asset for many crypto loans, and allow market participants to avoid inefficiencies stemming from converting back
Garth Baughman +3 more
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Stablecoins have garnered much attention as a key part of the emerging decentralized finance ("DeFi") ecosystem, and as a potential way to pay for goods and services. Stablecoins facilitate trades on crypto exchanges, serve as the underlying asset for many crypto loans, and allow market participants to avoid inefficiencies stemming from converting back
Garth Baughman +3 more
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Stablecoins: Adoption and Fragility
SSRN Electronic Journal, 2023Stablecoins promise a stable and secure way to park funds in the crypto universe. However, stablecoin issuers are vulnerable to runs triggered by negative information about the quality and liquidity of their reserves, as well as custodial, operational, and technological risks.
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An Empirical Analysis of Tax Evasion among Companies Engaged in Stablecoin Transactions
Journal of Risk and Financial ManagementThis research investigates the relationship between stablecoin usage and tax evasion. We present a model that includes variables related to transactions such as intensity, frequency, environment on-chain (P2P) vs.
Helena Inácio, Rui Pedro Marques
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Intelligent Systems in Accounting, Finance and Management, 2023
SummaryWild price fluctuations of cryptocurrencies make it difficult for investors to maintain stable asset values. This study investigates the hedging properties of US dollar (USD)‐pegged stablecoins against bitcoin returns. We analyzed the hedging abilities of the three largest stablecoins—namely, Tether, USD Coin, and Binance USD—using the dynamic ...
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SummaryWild price fluctuations of cryptocurrencies make it difficult for investors to maintain stable asset values. This study investigates the hedging properties of US dollar (USD)‐pegged stablecoins against bitcoin returns. We analyzed the hedging abilities of the three largest stablecoins—namely, Tether, USD Coin, and Binance USD—using the dynamic ...
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SSRN Electronic Journal, 2021
We propose a theoretical framework to understand the price stability mechanism of stablecoins. With the model, we identify three sources of price instability that form a trilemma. The trilemma suggests that any stablecoin design can avoid at most two of all the following risks: (1) downward price instability due to moral hazards of the operating entity,
Yujin Kwon +3 more
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We propose a theoretical framework to understand the price stability mechanism of stablecoins. With the model, we identify three sources of price instability that form a trilemma. The trilemma suggests that any stablecoin design can avoid at most two of all the following risks: (1) downward price instability due to moral hazards of the operating entity,
Yujin Kwon +3 more
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WiSt - Wirtschaftswissenschaftliches Studium, 2023
Als innovatives Instrument zur Portfoliodiversifikation finden Stablecoins zunehmend Anklang am Kryptowährungsmarkt. Insbesondere Anlegern, welche die hohe Volatilität von Kryptowährungen scheuen, versprechen sie eine vermeintlich sichere Kapitalanlage durch einen stabilen Marktpreis.
Alexander Baumeister, Sascha Hägele
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Als innovatives Instrument zur Portfoliodiversifikation finden Stablecoins zunehmend Anklang am Kryptowährungsmarkt. Insbesondere Anlegern, welche die hohe Volatilität von Kryptowährungen scheuen, versprechen sie eine vermeintlich sichere Kapitalanlage durch einen stabilen Marktpreis.
Alexander Baumeister, Sascha Hägele
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SSRN Electronic Journal
Money is omnipresent. Yet defining its fundamental character proves surprisingly difficult. Functional descriptions tell us what money does, not what money is, and they certainly do not explain how something becomes money in the first place. These questions rarely surface in everyday commerce, but they become unavoidable when a new instrument emerges ...
Christopher K. Odinet +2 more
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Money is omnipresent. Yet defining its fundamental character proves surprisingly difficult. Functional descriptions tell us what money does, not what money is, and they certainly do not explain how something becomes money in the first place. These questions rarely surface in everyday commerce, but they become unavoidable when a new instrument emerges ...
Christopher K. Odinet +2 more
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Staff Reports (Federal Reserve Bank of New York)
We propose a theory of stablecoin disintermediation, whereby stablecoins not only erode banks’ deposit franchises but also transmit liquidity stress to the banking system. Using transaction-level data linking on-chain transactions to wholesale interbank payments, we document the first evidence of liquidity-driven bank disintermediation.
Michael Junho Lee, Donny Tou
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We propose a theory of stablecoin disintermediation, whereby stablecoins not only erode banks’ deposit franchises but also transmit liquidity stress to the banking system. Using transaction-level data linking on-chain transactions to wholesale interbank payments, we document the first evidence of liquidity-driven bank disintermediation.
Michael Junho Lee, Donny Tou
openaire +1 more source