Stablecoins, bank deposits, Treasury yields, and monetary transmission indicators

This dataset was created to support the paper "Stablecoins and the Limits of Modern Monetary Theory: Private Money, Liquidity Preference, and Conditional Sovereignty." It combines daily and monthly data on stablecoin market capitalization, U.S. commercial bank deposits, 3-month Treasury bill yields, the Federal Funds Effective Rate, and the VIX. It also includes event-window datasets for selected stablecoin stress episodes, including the Terra/Luna collapse and the USDC depeg.

This version extends the original dataset by adding U.S. dollar liquidity-cycle controls from FRED: M2 money stock (M2SL), Federal Reserve total assets (WALCL), overnight reverse repo balances (RRPONTSYD), and the Treasury General Account (WDTGAL). It also includes derived variables for net Fed liquidity and monthly changes in liquidity controls. Additional regression output files are provided for deposit-growth models with liquidity-cycle controls and HAC robustness checks.

Sources:Stablecoin market capitalization: DeFiLlama.U.S. commercial bank deposits: FRED series DPSACBW027SBOG.3-month Treasury bill yield: FRED series DTB3.Federal Funds Effective Rate: FRED series DFF.VIX: FRED series VIXCLS.