【Author】
Jalan, Akanksha; Matkovskyy, Roman; Yarovaya, Larisa
【Source】INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
【Abstract】In this paper, we empirically analyse the performance of five gold-backed stablecoins during the COVID-19 pandemic and compare them to gold, Bitcoin and Tether. In the digital assets' ecosystem, gold-backed crypto-currencies have the potential to address regulatory and policy concerns by decreasing volatility of crypto-currency prices and facilitating broader cryptocurrency adoption. We find that during the COVID-19 pandemic, gold-backed cryptocurrencies were susceptible to volatility transmitted from gold markets. Our results indicate that for the selected gold-backed cryptocurrencies, their volatility, and as a consequence, risks associated with volatility, remained comparable to the Bitcoin. In addition, gold-backed cryptocurrencies did not show safe-haven potential comparable to their underlying precious metal, gold.
【Keywords】Stablecoins; Cryptocurrencies; Gold-backed cryptocurrencies; COVID-19; Gold
【标题】闪亮的加密资产：在新冠疫情期间系统地审视黄金支持的加密货币
【摘要】在本文中，我们实证分析了五种黄金支持的稳定币在新冠疫情期间的表现，并将它们与黄金、比特币和 Tether 进行了比较。在数字资产的生态系统中，黄金支持的加密货币有可能通过降低加密货币价格的波动性和促进更广泛的加密货币采用来解决监管和政策问题。我们发现，在新冠疫情期间，黄金支持的加密货币容易受到黄金市场传递的波动的影响。我们的结果表明，对于选定的黄金支持的加密货币，它们的波动性以及与波动性相关的风险仍然与比特币相当。此外，黄金支持的加密货币没有显示出与其基础贵金属黄金相媲美的避险潜力。
【关键词】稳定币；加密货币；黄金支持的加密货币；新冠肺炎;黄金
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