演講者簡介 : Dr. Mayer received his Ph.D. in Financial Economics from Erasmus University Rotterdam. He is currently a postdoctoral research fellow at the Fama-Miller center at the University of Chicago, Booth School of Business. In fall 2022, he will join HEC Paris as an Assistant Professor of Finance. His research interests are Corporate Finance, FinTech, and Entrepreneurial Finance.
演講摘要 : Stablecoins rise to meet the demand for safe assets in decentralized finance. Stablecoin issuers transform risky reserve assets into tokens of stable values, deploying a variety of tactics. To address the questions on the viability of stablecoins, regulations, and the initiatives led by large platforms, we develop a dynamic model of optimal stablecoin management and characterize an instability trap. The system is bimodal: stability can last for a long time, but once stablecoins break the buck following negative shocks, volatility persists. Debasement triggers a vicious cycle but is unavoidable as it allows efficient risk sharing between the issuer and stablecoin users.
