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Tethered, or Untethered? On the interplay between stablecoins and major cryptoassets
- 1.0561397 - ÚTIA 2023 RIV US eng J - Journal Article
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
R&D Projects: GA ČR GA20-17295S
Institutional support: RVO:67985556
Keywords : Crypto currencies * Crypto assets * Bitcoin * Stablecoins * Tether * Spillovers
OECD category: Economic Theory
Impact factor: 9.846, year: 2021
Method of publishing: Limited access
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”.
Permanent Link: https://hdl.handle.net/11104/0334060
Number of the records: 1