Silicon Valley Bank bankruptcy and Stablecoins stability
研究了2023年3月硅谷银行破产期间，商业银行倒闭如何传染至加密货币市场，发现主要稳定币和比特币之间存在传染效应，且当银行禁止提款时，投资者从低信任度稳定币转向高信任度稳定币。
To what extent does the collapse of a commercial bank spread contagion across cryptocurrency markets? How do markets behave around bankruptcy if digital assets remain stuck within the bank and cannot be withdrawn? We use a BEKK model to examine contagion effects across major digital assets during the Silicon Valley Bank (SVB) collapse period in early March 2023. We find evidence of contagion across major stablecoins and Bitcoin. We also examine the price action when nearly all withdrawals at SVB were prohibited. We find substantial abnormal movements in stablecoin cumulative returns and volumes, indicating a “flight to safety” from less to more authoritative and trusted stablecoins. The implications for practitioners and policymakers are discussed.