Stablecoin Depegging, Financial Intermediary Balance Sheet Constraints, and Liquidity in the U.S. Traditional Money Market
By end-2025, the global stablecoin market grew from approximately $25 billion in 2020 to over $300 billion.
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By end-2025, the global stablecoin market grew from approximately $25 billion in 2020 to over $300 billion.
The study constructs a dataset of 3,033,857 Ethereum addresses from 15 CEXs and five Non-CEX categories using Proof-of-Reserves disclosures.
The authors construct a benchmark dataset spanning 24 months from January 2024 to January 2026 containing 896,811 hourly observations across 340 active markets.