A high-profile empirical study associating Tether (USDT) issuance with support of Bitcoin prices during the 2017 run-up.
Read the source doi:10.1111/jofi.12903 unverified
Historical grounding for our reserve-transparency and market-structure coverage; pair with issuer/company data.
Evidence consistent with Tether issuance supporting Bitcoin prices in 2017 (Griffin & Shams, 2020, Journal of Finance).
| Research question | Was Tether issuance used to support or manipulate cryptocurrency prices? |
| Methodology | Empirical analysis of blockchain flows and price movements (2017 sample) |
| Data and sample | On-chain Tether flows and Bitcoin/crypto prices, 2017 |
| Limitations | Focused on a single 2017 episode; associational evidence, contested by the issuer. |
John M. Griffin, Amin Shams (2020). Is Bitcoin Really Untethered? The Journal of Finance, Vol. 75(4).
@article{griffin2020isbitcoinuntethered,
title = {Is Bitcoin Really Untethered?},
author = {John M. Griffin and Amin Shams},
year = {2020},
institution = {Wiley},
journal = {The Journal of Finance, Vol. 75(4)},
doi = {10.1111/jofi.12903},
url = {https://onlinelibrary.wiley.com/doi/10.1111/jofi.12903},
note = {Indexed by Stablecoin Beat},
}