To date, cryptocurrency prices are volatile and many cryptocurrency developers have adopted ad hoc approaches to stabilize their cryptocurrency price. When these currencies are not 100% backed by other valued assets, part of their price volatility may arise from self-fulfilling expectations of a speculative attack (as in Obstfeld (1996)). We show that an exchange rate policy, which is less than 100% backed and dynamically adjusts in response to traders’ conversion demand eliminates speculative attacks while, under some conditions, preserving much of the desired exchange rate stability. This dynamic exchange rate policy admits a great deal of discretion to and requires commitment by the party implementing the policy. We demonstrate how to implement this policy using the Ethereum network—a smart contract blockchain environment—and how this implementation yields commitment to the policy.

迄今为止，加密货币价格不稳定，许多加密货币开发商已采用临时方法来稳定其加密货币价格。如果这些货币不是100％由其他有价资产支持，则其价格波动的一部分可能来自对投机性攻击的自我实现期望（如Obstfeld（1996））。我们表明，不到100％支持并根据交易者的转换需求而动态调整的汇率政策消除了投机性攻击，同时在某些情况下仍保留了许多理想的汇率稳定性。这项动态汇率政策具有很大的自由裁量权，需要执行该政策的当事方作出承诺。