监管会在交易网关产生影响吗？来自《加密资产市场监管条例》和稳定币的证据
Does Regulation Bite at Gateways? Evidence from MiCA and Stablecoins
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中文总结 AI 辅助
研究以MiCA为切入点，探讨监管对交易网关的影响。通过对比受监管与全球导向型交易所，发现USDC份额与相对交易量上升，USDT交易收缩，揭示了监管在交易网关处对资产交易产生的具体影响。
中文摘要 AI 辅助
交易网关是监管可改变投资者交易资产的交易场所。我们利用欧盟的《加密资产市场监管条例》（MiCA）对此进行研究，该条例致使多家交易所为欧洲经济区用户下架USDT对，而USDC获得了MiCA授权。首先，总体市场份额和交易量几乎未变。其次，将受监管的交易所与MiCA约束可能性较小的全球导向型交易所进行比较，发现截面转向USDC——USDC份额上升0.82，相对交易量上升0.54个事件前标准差。两者都反映出USDT交易在被下架处收缩。
英文摘要
Gateways are trading venues where regulation can change the assets investors can trade. We study this margin using MiCA-EU's Markets in Crypto-Assets Regulation-which led several exchanges to delist USDT pairs for European Economic Area users, while USDC obtained MiCA authorization. First, aggregate market shares and trading volumes barely move. Second, comparing Regulated-facing exchanges with globally oriented exchanges where MiCA is less likely to bind, we show that the cross-section shifts toward USDC-USDC share rises by 0.82 and relative trading volume by 0.54 pre-event standard deviations. Both reflect USDT trading contracting where it is delisted.
