Can competing stablecoins produce efficient and stable outcomes? We study competition
among stablecoins pegged to a stable currency. They are backed by interest-bearing safe …

Can competing stablecoins produce efficient and stable outcomes? We study competition
among stablecoins pegged to a stable currency. They are backed by interest-bearing safe …

This paper provides a general framework for analyzing the stability of stablecoins,
cryptocurrencies pegged to a traditional currency. We study the problem of a monopolist …

In a dynamic model of stablecoins, we show that even with over-collateralization, a pledge of
one-to-one convertibility to a reference currency is not sustainable in a stochastic …

We offer a theoretical framework to study the rapidly developing market for stablecoins.
Stablecoins are a new form of digital private money that promises a stable and secure way …

Stablecoins 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 …

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 …

Stablecoins are cryptocurrencies designed to trade at par with a reference asset, typically
the US Dollar. While they all share the same fundamental objective of maintaining stability …

Why do some stablecoins, such as Terra's UST, fail but others do not? Was Terra just an
unlucky victim of a classic bank run or speculative attack? Or was its high-yield deposit …

Why do some stablecoins, such as Terra's UST, fail but others do not? Was Terra just an
unlucky victim of a classic bank run or speculative attack? Or was its high-yield deposit …