Concentration, competition, issuer economics and adoption.
| Paper | Venue | Year |
|---|---|---|
| What Keeps Stablecoins Stable? Empirical study of the arbitrage mechanism that holds fiat-backed stablecoins near their peg. | Journal of International Money and Finance (NBER WP 27136) Top-tier journal | 2023 |
| Cryptocurrencies and Decentralized Finance (DeFi) Survey of crypto and DeFi market structure, including the central role of stablecoins as settlement assets. | Brookings Papers on Economic Activity (NBER WP 30006) Top-tier journal | 2022 |
| The instability of stablecoins This paper examines the stability of the five largest stablecoins by market capitalization using fractional time series analysis. It finds strong evidence of instability among these stablecoins, with varying correction speeds. | Finance research letters | 2022 |
| How stable are stablecoins? This paper analyzes the stability of stablecoins and proposes a framework to test for their stability. It finds strong evidence of excess price variations and suggests that stablecoins play a key role in cryptocurrency markets. | European Journal of Finance Top-tier journal | 2021 |
| Is Bitcoin Really Untethered? A high-profile empirical study associating Tether (USDT) issuance with support of Bitcoin prices during the 2017 run-up. | The Journal of Finance, Vol. 75(4) Top-tier journal | 2020 |
| The Rise of Digital Money Introduces a taxonomy of money and argues privately issued digital money (e-money / stablecoins) could rapidly displace bank deposits. | IMF FinTech Note No. 19/01 | 2019 |