Payment Stablecoins and Tokenised Money

Risk-based Capital for Stable Value Tokens, joint with Dan Fishman, Jeremy Fox-Geen, August 2024
- Press: Bloomberg Money Stuff
What Drives Crypto Asset Prices?, joint with Austin Adams, Markus Ibert, August 2024
- Press: Bloomberg Money Stuff
How to preserve the singleness of money for tokenised forms of money?, July 2023
Beyond Speculation: Payment Stablecoins for Real-time Gross Settlements joint with Thomas Hadeed and Ziming Zeng
- Slides, February 2024, OCC Symposium on the Tokenization of Real-World Assets and Liabilities
- Video highlights from D.C. Fintech Week Best Paper Award 2023
Payment versus trading stablecoins, CEPR-VOXeu Column, March 2023
Macroprudential Considerations for Tokenized Cash

This paper uses blockchain data to examines the use and financial stability risks associated with tokenized cash, a subset of payment stablecoins fully reserved with cash and cash equivalents.
- VOXeu
Stablecoins: Growth Potential and Impact on Banking, joint with John Caramichael
- Press: Bloomberg Money Stuff, Central Banking, PYMNTS
Stablecoins and Short-term Funding Market at the SNB-CIF 2023 conference

Automated Market Makers

On-Chain Foreign Exchange and Cross-Border Payments joint with Austin Adams, Mary-Catherine Lader, David Puth, Xin Wan

This paper studies the use of distributed ledger technologies in the trading and settlement of foreign exchange on public blockchains and international payments.
- Slides, June 2023, Bank of Canada Networks in Modern Financial and Payments Conference
- Code & Data
- Press: Bloomberg, Nasdaq
The Dominance of Uniswap v3 Liquidity joint with Dan Robinson
- Data
- Code
Uniswap Returns for Passive Liquidity Providers joint with Austin Adams
- Data
- Code

AI in the Future of Finance, Slides from Harvard PIFS, June 2024
Cooperative AI and Decentralized Trust, Slides from Berkeley RDI summit, August 2023
Banks Dominate Payment Systems. The Risks Are All Too Clear, Op-Ed at Barron’s, March 2023
TradFi, CeFi, DeFi: A Balance Sheet Journey Through Financial Alchemy, Keynote address at Harvard Blockchain Conference, April 1, 2023