This paper analyzes the stability of stablecoins and proposes a framework to test for absolute and relative stability of stablecoins. Based on high-frequency data, we find strong evidence of excess price variations. While Bitcoin is a likely source of this excess volatility because stablecoin returns, volatility and volumes are highly correlated with corresponding Bitcoin time-series, we also demonstrate through a quasi-natural experiment that stablecoins increase the trading volume of Bitcoin. The findings suggest stablecoins play a key role in cryptocurrency markets.

中文翻译：

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稳定币有多稳定？

本文分析了稳定币的稳定性，并提出了一个测试稳定币绝对和相对稳定性的框架。基于高频数据，我们发现了价格过度波动的有力证据。虽然比特币可能是这种过度波动的来源，因为稳定币的回报、波动率和交易量与相应的比特币时间序列高度相关，但我们还通过一个准自然实验证明稳定币增加了比特币的交易量。调查结果表明，稳定币在加密货币市场中发挥着关键作用。