Cryptocurrencies and Decentralized Finance (DeFi)

Igor Makarov, Antoinette Schoar · Brookings Papers on Economic Activity (NBER WP 30006) · NBER

Survey of crypto and DeFi market structure, including the central role of stablecoins as settlement assets.

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Relevance to stablecoin measurement

Situates stablecoins within DeFi; supports market-structure and DeFi coverage.

Key findings

Stablecoins are the primary settlement and collateral asset across crypto and DeFi.
DeFi remains highly interconnected and reliant on a few large stablecoins.

Indexed under

DeFi & Collateral Market Structure & Adoption

Related Stablecoin Beat data

Concentration

Cite this

Igor Makarov, Antoinette Schoar (2022). Cryptocurrencies and Decentralized Finance (DeFi) Brookings Papers on Economic Activity (NBER WP 30006).

BibTeX

@techreport{makarov2022cryptoanddefi,
  title = {Cryptocurrencies and Decentralized Finance (DeFi)},
  author = {Igor Makarov and Antoinette Schoar},
  year = {2022},
  institution = {NBER},
  howpublished = {Brookings Papers on Economic Activity (NBER WP 30006)},
  url = {https://www.nber.org/papers/w30006},
  note = {Indexed by Stablecoin Beat},
}

Last verified 2026-07-02. All fields shown are verified; 10 tracked fields are not yet recorded.

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