Does the collapse of an exchange-issued digital token spread contagion across cryptocurrency markets? And, if so, how do markets behave when traders can buy and sell assets on the exchange that issued the token but not withdraw their funds? We examine contagion effects across major digital...

Does the collapse of an exchange-issued digital token spread contagion across cryptocurrency markets? And, if so, how do markets behave when traders can buy and sell assets on the exchange that issued the token but not withdraw their funds? We examine contagion effects across major digital...

How does stablecoin design affect market behavior in turbulent periods? Stablecoins attempt to maintain a “stable” peg to the US dollar, but do so with wildly varying structural designs. The spectacular collapse of the TerraUSD (UST) stablecoin and linked Terra (LUNA) token in May 2022...

How does stablecoin design affect market behavior during turbulent periods? Stablecoins attempt to maintain a "stable" peg to the US dollar, but do so with widely varying structural designs. The spectacular collapse of the TerraUSD (UST) stablecoin and the linked Terra (LUNA) token in May 2022...