Anadu, Kenechukwu; Azar, Pablo D.; Cipriani, Marco; … - 2023 - This version: September 2023
Stablecoins and money market funds both seek to provide investors with safe, money-like assets but are vulnerable to … behavior during the stablecoin runs of 2022 and 2023 to investor behavior during the money market fund runs of 2008 and 2020 …. We document that, similarly to money market fund investors, stablecoin investors engage in flight to safety, with net …