Tethered, or Untethered? On the interplay between stablecoins and major cryptoassets

0561397 - ÚTIA 2023 RIV US eng J - Článek v odborném periodiku
Krištoufek, Ladislav
Tethered, or Untethered? On the interplay between stablecoins and major cryptoassets.
Finance Research Letters. Roč. 43, č. 1 (2021), č. článku 101991. ISSN 1544-6123. E-ISSN 1544-6131
Grant CEP: GA ČR GA20-17295S
Institucionální podpora: RVO:67985556
Klíčová slova: Crypto currencies * Crypto assets * Bitcoin * Stablecoins * Tether * Spillovers
Obor OECD: Economic Theory
Impakt faktor: 9.846, rok: 2021
Způsob publikování: Omezený přístup
http://library.utia.cas.cz/separaty/2022/E/kristoufek-0561397.pdf https://www.sciencedirect.com/science/article/pii/S1544612321000726?via%3Dihub

Stablecoins and their leader Tether have been one of the controversial topics of cryptomarkets and their role in price rallies of the past few years has been questioned repeatedly. Using the generalized vector autoregressive framework and directed spillovers based on the forecast error variance decompositions, we find no evidence of stablecoins boosting the prices of other cryp- toassets. On the contrary, the increased stablecoins issuances come in reaction to the other cryptoassets price changes, which suggests they rather reflect increasing demand in investing into the cryptomarkets that gets materialized in demand for the “digital fiat”.
Trvalý link: https://hdl.handle.net/11104/0334060