2024-10-13-欧洲央行-稳定币_货币市场基金与货币政策（英）_25页_1mb

ECB Working Paper Summary

Key Findings

• Crypto Market Shocks vs. MMFs: Crypto market shocks have little to no effect on traditional financial markets, including U.S. money market funds (MMFs) and assets like stocks or bonds.
• Crypto Market Shocks vs. Stablecoins: Negative crypto shocks significantly reduce the market capitalization of stablecoins, particularly those like Tether and USDC.
• Monetary Policy Shocks vs. MMFs: U.S. monetary policy shocks significantly impact both traditional financial markets and crypto markets. Tightening policy leads to inflows into prime MMFs (especially in the short term) but outflows from stablecoins.
• Monetary Policy vs. Stablecoin Market Capitalization: A contractionary U.S. monetary policy shock leads to a substantial decline in stablecoin market capitalization after about three months.
• Stablecoins as 'Safe Haven': The paper concludes that stablecoins do not function as a safe haven against either crypto or traditional financial market shocks.

Implications

• U.S. monetary policy acts as a key transmission channel between traditional and crypto markets, particularly affecting stablecoin demand.
• The relationship between MMFs and stablecoins differs significantly concerning the impact of crypto versus monetary policy shocks.
• The perceived "safety" of stablecoins relative to crypto assets is challenged by their negative reaction to conventional monetary tightening.