The paper aims to assess, from an empirical viewpoint, the advantages of a stablecoin whose value is derived from a basket of underlying currencies, against a stablecoin which is pegged to the value of one major currency, such as the dollar. To this aim, we first find the optimal weights of the currencies that can comprise our basket. We then employ volatility spillover decomposition methods to understand which foreign currency mostly drives the others. We then look at how the stability of either stablecoin is affected by currency shocks by means of spillover networks built on VAR models. Our empirical findings show that our basket based stablecoin is less volatile than all single currencies. This result is fundamental for policy making, and especially for emerging markets with a high level of remittances: a Librae (basket based stablecoin) can preserve their value during turbolent times better than a Libra (single currency based stablecoin).

该论文旨在从经验的角度评估价值来自一揽子基础货币的稳定币相对于与一种主要货币（如美元）的价值挂钩的稳定币的优势。为此，我们首先找到可以构成我们篮子的货币的最佳权重。然后，我们采用波动溢出分解方法来了解哪种外币主要驱动其他外币。然后，我们通过建立在 VAR 模型上的溢出网络来研究任一稳定币的稳定性如何受到货币冲击的影响。我们的实证结果表明，我们基于篮子的稳定币的波动性低于所有单一货币。这一结果对于政策制定至关重要，尤其是对于汇款水平较高的新兴市场而言：