论文标题
Stablecoins：生存，交易成本和交换微观结构
Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure
论文作者
论文摘要
稳定的硬币不是很稳定。现金抵押硬币更稳定，但是总体故障率类似于设计不稳定的令牌。美元硬币，Tether和Dai拥有最大的以太坊市场份额，它们的平均速度是M1的平均速度近三倍。集中和分散的交流是区块链上最活跃的节点和最大的持有人。十大令牌中有四个具有赫芬达尔指数高于美国银行系统。在过去的两年中，系绳的中位燃气费增加了十二次，而美元硬币的近20次。通常可以更便宜地完成50,000美元以下的交易。系带24小时的交换营业额近600亿美元。这与纽约证券交易所的每日数量相当，是货币市场共同基金的每日流量的八倍。狭窄的出价差价和深度吸引了HFT参与接近50％
Stable coins are not very stable. Cash collateralized coins are more stable, but the overall failure rate is similar to tokens that are not designed to be stable. USD Coin, Tether and Dai have the largest Ethereum market shares, and they have an average velocity nearly three times higher than M1. Centralized and decentralized exchanges are the most active nodes and largest holders on the blockchain. Four of the top ten tokens have Herfindahl indices higher than the U.S. banking system. Median gas fees for Tether rose more than twelve times over the last two years, and nearly twenty times for USD Coin. Transactions of under 50,000 USD can generally be done more cheaply offchain. 24 hour exchange turnover in Tether is nearly 60 billion USD. This is comparable to the daily volume at the NYSE and eight times the daily flow in money market mutual funds. Narrow bid-ask spreads and depth have attracted HFT participation approaching 50%
