2023-10-20-IMF-J更喜欢稳定币而不是美元_来自以太坊平台交易员调查的证据-英_17页_885kb

Summary:

A survey of Ethereum platform traders revealed that approximately 60% prefer stablecoins over the US dollar, which presents an economic puzzle given stablecoins' function and low returns but significantly higher volatility compared to dollars. Economic analyses regarding stablecoin's role as a currency or asset pricing asset failed to explain this preference, as stablecoins were found to be dominated assets holding fixed dollar value (or near-zero return) and increased portfolio risk without diversification benefits when the dollar is already used.

Analysis of psychological factors identified two main categories:

1. Interest in Technology: Respondents with higher curiosity about the technology used for trading were more likely to prefer stablecoins.
2. Preference for Political Liberty: Those advocating for political freedom and dissatisfaction with government regulation also showed a stronger preference for stablecoins.

Furthermore, the perceived lack of government regulation and strong anonymity of stablecoins were found to act as channels linking these psychosocial factors to the preference for stablecoins. While transaction cost advantages were considered potentially relevant, the study argues that the combination of perceived greater freedom associated with stablecoins (lack of regulation, anonymity) provides a more compelling explanation.

The findings highlight a disconnect between a user's preference for digital stablecoins and traditional asset pricing theory, necessitating consideration of non-economic factors like technological enthusiasm and libertarian inclinations.