Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 29, 2021 erstellt
Beschreibung:
The market capitalization of stablecoins -- crypto-assets aiming at maintaining their value stable, and generally pegged to a fiat currency -- has skyrocketed over the past year. This paper documents one implication for the real economy. Issuers of the two main stablecoins back the value of their tokens on short-term debt denominated in US dollar, such as commercial papers that are key for the funding of banks and firms. We show that changes in the stablecoin market capitalization are correlated with the issuance of commercial papers and their interest rates, and run placebo tests to confirm these findings