Leverage and Stablecoin Pegs
研究了稳定币这种新型私人货币如何通过向加密投机者出借来补偿持有人的挤兑风险，从而维持与美元的平价，但这也将加密投机与传统金融市场联系起来。
Abstract Stablecoins are a new form of private money. They are fragile but largely trade at par. How? We present a model and empirical work to examine a novel source of demand for stablecoins. Stablecoin owners are indirectly compensated for run risk by lending their coins to crypto speculators. The stablecoin can then support its $1 peg, but this arrangement links crypto speculation to traditional financial markets where stablecoins invest their reserves.