稳定币：生存、交易成本和交易所微观结构
Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure
摘要：
稳定的硬币不是很稳定。现金抵押币更稳定，但整体失败率与设计不稳定的代币相似。USD Coin，Tether和Dai拥有最大的以太坊市场份额，它们的平均速度几乎是M1的三倍。中心化和去中心化交易所是区块链上最活跃的节点和最大的持有者。前十大代币中有四个的Herfindahl指数高于美国银行系统。在过去两年中，Tether的天然气费用中位数上涨了12倍以上，USD Coin上涨了近20倍。低于50，000美元的交易通常可以在链下更便宜地完成。Tether的24小时交易额接近600亿美元。这与纽约证交所的日交易量相当，是货币市场共同基金日交易量的8倍。较窄的买卖价差和深度吸引了近50%的高频交易参与
英文摘要：
Stable coins are not very stable. Cash collateralized coins are more stable, but the overall failure rate is similar to tokens that are not designed to be stable. USD Coin, Tether and Dai have the largest Ethereum market shares, and they have an average velocity nearly three times higher than M1. Centralized and decentralized exchanges are the most active nodes and largest holders on the blockchain. Four of the top ten tokens have Herfindahl indices higher than the U.S. banking system. Median gas fees for Tether rose more than twelve times over the last two years, and nearly twenty times for USD Coin. Transactions of under 50,000 USD can generally be done more cheaply offchain. 24 hour exchange turnover in Tether is nearly 60 billion USD. This is comparable to the daily volume at the NYSE and eight times the daily flow in money market mutual funds. Narrow bid-ask spreads and depth have attracted HFT participation approaching 50%
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
