Flight-to-quality—Money market mutual funds and stablecoins during the March 2023 banking crisis
研究了2023年3月银行业危机期间资金从稳定币流入货币市场共同基金的质量避险现象，并发现两类资产内部均出现从高风险向低风险类别的资金流动，凸显了储备资产和发行方规模的重要性。
The March 2023 banking crisis prompted a flight-to-quality, with inflows into money market mutual funds and outflows from stablecoins. Similar flows from riskier to safer categories within both asset classes highlight the important role of reserve assets and issuer size.