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@@ -137,7 +137,7 @@ Portfolio Selection; Market Frictions; FinTech; Market Microstructure; Stochasti
Designing Stablecoins (with Yizhou Cao, Min Dai, Steven Kou and Lewei Li).
- Mathematical Finance, forthcoming. [Abstract|SSRN|Article]
+ Mathematical Finance, 35(1):263-294, 2025. [Abstract|SSRN|Article]
Stable coins, which are cryptocurrencies pegged to other stable financial assets such as U.S. dollar, are desirable for payments within blockchain networks, whereby being often called the “Holy Grail of cryptocurrency.” However, existing cryptocurrencies are too volatile for these purposes. By using the option pricing theory, we design several dual-class structures that offer a fixed income crypto asset, a stable coin pegged to a traditional currency, and leveraged investment instruments. To understand the impact of the proposed coins on the speculative and non-speculative demands of cryptocurrencies, we study equilibrium with and without the stable coins. Our investigation of the values of stable coins in presence of jump risk and black-swan type events shows the robustness of the design.