Stablecoin Runs and the Centralization of Arbitrage

Stablecoins are cryptoassets which are designed to be pegged to the dollar, but are backed by imperfectly liquid USD assets. We show that stablecoins feature concentrated arbitrage: the largest issuer, Tether, only allows 6 agents in an average month to redeem stablecoins for cash. We argue that

搜集汇总

背景与挑战

背景概述

该数据集是一篇关于稳定币运行风险与套利集中化的学术研究论文。研究揭示了稳定币套利高度集中的现象，并以Tether为例说明其每月平均仅允许6个代理进行现金赎回。论文核心观点是，发行商集中套利的选择在提升价格稳定性与放大挤兑风险之间存在权衡，并指出相关政策可能产生意外后果。