【Author】
Binh Nguyen Thanh; Thai Nguyen Vu Hong; Huy Pham; Thanh Nguyen Cong; Thu Pham Thi Anh
【Source】JOURNAL OF INDUSTRIAL AND BUSINESS ECONOMICS
【Abstract】This study analyzes the interconnection of the stability of prominent stablecoins including Tether (USDT), USD Coin (USDC), Paxos Standard (PAX), TrueUSD (TUSD) and DAI from 23/11/2019 to 1/04/2021. We find (i) market price fluctuations vary across stablecoins, (ii) instabilities in USDT and USDC significantly drive those of other stablecoins but less convincing evidence for the reverse impact, and (iii) that increases (decreases) in USDT market prices significantly depress (raise) the market prices of the other stablecoins. Interestingly, the algorithmic stablecoin, DAI, is found to be less stable than its USD-backed counterparts.
【Keywords】Cryptocurrency; Stablecoin; Vector Autoregression
【摘要】本研究分析了 2019 年 11 月 23 日至 2021 年 1 月 4 日期间包括 Tether (USDT)、USD Coin (USDC)、Paxos Standard (PAX)、TrueUSD (TUSD) 和 DAI 在内的主要稳定币稳定性的相互联系。我们发现 (i) 稳定币的市场价格波动各不相同，(ii) USDT 和 USDC 的不稳定性显着推动其他稳定币的波动，但反向影响的说服力证据较少，以及 (iii) USDT 市场价格的上涨（下跌）显着抑制（提高）其他稳定币的市场价格。有趣的是，算法稳定币 DAI 的稳定性低于美元支持的同类产品。
【文献类型】Article; Early Access
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