Blockchain Currency Markets
首次全面研究区块链货币市场，分析稳定币在去中心化交易所的交易效率、价格与外汇市场的联动性，以及交易者信息优势对价格的影响。
Abstract We conduct the first comprehensive study of blockchain currencies—stablecoins pegged to fiat currencies and traded on decentralized exchanges (DEXs). Using transaction-level data linked to wallet characteristics, we show that prices in these markets are generally efficient, though constrained by blockchain frictions such as gas fees and Ether volatility. DEX rates closely track traditional currency markets through arbitrage and informed trading. Traders with substantial market share and access to primary markets exert greater price impact, reflecting informational advantages. While blockchain markets may improve access for customers excluded from traditional venues, their scalability depends on addressing frictions inherent to decentralized trading.