{"id":"https://openalex.org/W4401719332","doi":"https://doi.org/10.1109/icbc59979.2024.10634419","title":"What Drives the (In)stability of a Stablecoin?","display_name":"What Drives the (In)stability of a Stablecoin?","publication_year":2024,"publication_date":"2024-05-27","ids":{"openalex":"https://openalex.org/W4401719332","doi":"https://doi.org/10.1109/icbc59979.2024.10634419"},"language":"en","primary_location":{"id":"doi:10.1109/icbc59979.2024.10634419","is_oa":false,"landing_page_url":"https://doi.org/10.1109/icbc59979.2024.10634419","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2024 IEEE International Conference on Blockchain and Cryptocurrency (ICBC)","raw_type":"proceedings-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://discovery.ucl.ac.uk/id/eprint/10198848/1/instability-stablecoins.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5106620976","display_name":"Yujin Potter","orcid":null},"institutions":[{"id":"https://openalex.org/I134446601","display_name":"Berkeley College","ror":"https://ror.org/02xewxa75","country_code":"US","type":"education","lineage":["https://openalex.org/I134446601"]},{"id":"https://openalex.org/I95457486","display_name":"University of California, Berkeley","ror":"https://ror.org/01an7q238","country_code":"US","type":"education","lineage":["https://openalex.org/I95457486"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Yujin Potter","raw_affiliation_strings":["UC Berkeley,USA"],"affiliations":[{"raw_affiliation_string":"UC Berkeley,USA","institution_ids":["https://openalex.org/I134446601","https://openalex.org/I95457486"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5079200307","display_name":"Kornrapat Pongmala","orcid":null},"institutions":[{"id":"https://openalex.org/I95457486","display_name":"University of California, Berkeley","ror":"https://ror.org/01an7q238","country_code":"US","type":"education","lineage":["https://openalex.org/I95457486"]},{"id":"https://openalex.org/I134446601","display_name":"Berkeley College","ror":"https://ror.org/02xewxa75","country_code":"US","type":"education","lineage":["https://openalex.org/I134446601"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Kornrapat Pongmala","raw_affiliation_strings":["UC Berkeley,USA"],"affiliations":[{"raw_affiliation_string":"UC Berkeley,USA","institution_ids":["https://openalex.org/I134446601","https://openalex.org/I95457486"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5047509636","display_name":"Kaihua Qin","orcid":"https://orcid.org/0000-0003-2190-3623"},"institutions":[{"id":"https://openalex.org/I47508984","display_name":"Imperial College London","ror":"https://ror.org/041kmwe10","country_code":"GB","type":"education","lineage":["https://openalex.org/I47508984"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Kaihua Qin","raw_affiliation_strings":["Imperial College London,UK"],"affiliations":[{"raw_affiliation_string":"Imperial College London,UK","institution_ids":["https://openalex.org/I47508984"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5077247630","display_name":"Ariah Klages\u2010Mundt","orcid":"https://orcid.org/0000-0002-5577-1000"},"institutions":[{"id":"https://openalex.org/I205783295","display_name":"Cornell University","ror":"https://ror.org/05bnh6r87","country_code":"US","type":"education","lineage":["https://openalex.org/I205783295"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Ariah Klages-Mundt","raw_affiliation_strings":["Cornell,USA"],"affiliations":[{"raw_affiliation_string":"Cornell,USA","institution_ids":["https://openalex.org/I205783295"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5036662107","display_name":"Philipp Jovanovic","orcid":"https://orcid.org/0000-0002-2202-1879"},"institutions":[{"id":"https://openalex.org/I45129253","display_name":"University College London","ror":"https://ror.org/02jx3x895","country_code":"GB","type":"education","lineage":["https://openalex.org/I124357947","https://openalex.org/I45129253"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Philipp Jovanovic","raw_affiliation_strings":["University College London,UK"],"affiliations":[{"raw_affiliation_string":"University College London,UK","institution_ids":["https://openalex.org/I45129253"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5083459584","display_name":"Christine A. Parlour","orcid":null},"institutions":[{"id":"https://openalex.org/I95457486","display_name":"University of California, Berkeley","ror":"https://ror.org/01an7q238","country_code":"US","type":"education","lineage":["https://openalex.org/I95457486"]},{"id":"https://openalex.org/I134446601","display_name":"Berkeley College","ror":"https://ror.org/02xewxa75","country_code":"US","type":"education","lineage":["https://openalex.org/I134446601"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Christine Parlour","raw_affiliation_strings":["UC Berkeley,USA"],"affiliations":[{"raw_affiliation_string":"UC Berkeley,USA","institution_ids":["https://openalex.org/I134446601","https://openalex.org/I95457486"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5063253761","display_name":"Arthur Gervais","orcid":"https://orcid.org/0000-0002-3565-3410"},"institutions":[{"id":"https://openalex.org/I47508984","display_name":"Imperial College London","ror":"https://ror.org/041kmwe10","country_code":"GB","type":"education","lineage":["https://openalex.org/I47508984"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Arthur Gervais","raw_affiliation_strings":["Imperial College London,UK"],"affiliations":[{"raw_affiliation_string":"Imperial College London,UK","institution_ids":["https://openalex.org/I47508984"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5019426968","display_name":"Dawn Song","orcid":"https://orcid.org/0000-0001-9745-6802"},"institutions":[{"id":"https://openalex.org/I134446601","display_name":"Berkeley College","ror":"https://ror.org/02xewxa75","country_code":"US","type":"education","lineage":["https://openalex.org/I134446601"]},{"id":"https://openalex.org/I95457486","display_name":"University of California, Berkeley","ror":"https://ror.org/01an7q238","country_code":"US","type":"education","lineage":["https://openalex.org/I95457486"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Dawn Song","raw_affiliation_strings":["UC Berkeley,USA"],"affiliations":[{"raw_affiliation_string":"UC Berkeley,USA","institution_ids":["https://openalex.org/I134446601","https://openalex.org/I95457486"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":8,"corresponding_author_ids":["https://openalex.org/A5106620976"],"corresponding_institution_ids":["https://openalex.org/I134446601","https://openalex.org/I95457486"],"apc_list":null,"apc_paid":null,"fwci":5.6623,"has_fulltext":true,"cited_by_count":6,"citation_normalized_percentile":{"value":0.96239928,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":90,"max":99},"biblio":{"volume":null,"issue":null,"first_page":"316","last_page":"324"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10114","display_name":"Balance, Gait, and Falls Prevention","score":0.8912000060081482,"subfield":{"id":"https://openalex.org/subfields/3612","display_name":"Physical Therapy, Sports Therapy and Rehabilitation"},"field":{"id":"https://openalex.org/fields/36","display_name":"Health Professions"},"domain":{"id":"https://openalex.org/domains/4","display_name":"Health Sciences"}},"topics":[{"id":"https://openalex.org/T10114","display_name":"Balance, Gait, and Falls Prevention","score":0.8912000060081482,"subfield":{"id":"https://openalex.org/subfields/3612","display_name":"Physical Therapy, Sports Therapy and Rehabilitation"},"field":{"id":"https://openalex.org/fields/36","display_name":"Health Professions"},"domain":{"id":"https://openalex.org/domains/4","display_name":"Health Sciences"}},{"id":"https://openalex.org/T10805","display_name":"Vehicle Dynamics and Control Systems","score":0.8798999786376953,"subfield":{"id":"https://openalex.org/subfields/2203","display_name":"Automotive Engineering"},"field":{"id":"https://openalex.org/fields/22","display_name":"Engineering"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T10784","display_name":"Muscle activation and electromyography studies","score":0.8543999791145325,"subfield":{"id":"https://openalex.org/subfields/2204","display_name":"Biomedical Engineering"},"field":{"id":"https://openalex.org/fields/22","display_name":"Engineering"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/stability","display_name":"Stability (learning theory)","score":0.5395621061325073},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.4564597010612488},{"id":"https://openalex.org/keywords/control-theory","display_name":"Control theory (sociology)","score":0.33141088485717773},{"id":"https://openalex.org/keywords/control","display_name":"Control (management)","score":0.15438935160636902},{"id":"https://openalex.org/keywords/artificial-intelligence","display_name":"Artificial intelligence","score":0.0834081768989563}],"concepts":[{"id":"https://openalex.org/C112972136","wikidata":"https://www.wikidata.org/wiki/Q7595718","display_name":"Stability (learning theory)","level":2,"score":0.5395621061325073},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.4564597010612488},{"id":"https://openalex.org/C47446073","wikidata":"https://www.wikidata.org/wiki/Q5165890","display_name":"Control theory (sociology)","level":3,"score":0.33141088485717773},{"id":"https://openalex.org/C2775924081","wikidata":"https://www.wikidata.org/wiki/Q55608371","display_name":"Control (management)","level":2,"score":0.15438935160636902},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.0834081768989563},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1109/icbc59979.2024.10634419","is_oa":false,"landing_page_url":"https://doi.org/10.1109/icbc59979.2024.10634419","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2024 IEEE International Conference on Blockchain and Cryptocurrency (ICBC)","raw_type":"proceedings-article"},{"id":"pmh:oai:eprints.ucl.ac.uk.OAI2:10198848","is_oa":true,"landing_page_url":"https://discovery.ucl.ac.uk/id/eprint/10198848/","pdf_url":"https://discovery.ucl.ac.uk/id/eprint/10198848/1/instability-stablecoins.pdf","source":{"id":"https://openalex.org/S4306400024","display_name":"UCL Discovery (University College London)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I45129253","host_organization_name":"University College London","host_organization_lineage":["https://openalex.org/I45129253"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"     In:  2024 IEEE International Conference on Blockchain and Cryptocurrency (ICBC).  (pp. pp. 316-324).  IEEE: Dublin, Ireland. (2024)     ","raw_type":"Proceedings paper"}],"best_oa_location":{"id":"pmh:oai:eprints.ucl.ac.uk.OAI2:10198848","is_oa":true,"landing_page_url":"https://discovery.ucl.ac.uk/id/eprint/10198848/","pdf_url":"https://discovery.ucl.ac.uk/id/eprint/10198848/1/instability-stablecoins.pdf","source":{"id":"https://openalex.org/S4306400024","display_name":"UCL Discovery (University College London)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I45129253","host_organization_name":"University College London","host_organization_lineage":["https://openalex.org/I45129253"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"     In:  2024 IEEE International Conference on Blockchain and Cryptocurrency (ICBC).  (pp. pp. 316-324).  IEEE: Dublin, Ireland. (2024)     ","raw_type":"Proceedings paper"},"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4401719332.pdf","grobid_xml":"https://content.openalex.org/works/W4401719332.grobid-xml"},"referenced_works_count":11,"referenced_works":["https://openalex.org/W1599492665","https://openalex.org/W3045348795","https://openalex.org/W3122709309","https://openalex.org/W3123455513","https://openalex.org/W3209915444","https://openalex.org/W4205344904","https://openalex.org/W4286698121","https://openalex.org/W4288079492","https://openalex.org/W4288335901","https://openalex.org/W4312206319","https://openalex.org/W6636148828"],"related_works":["https://openalex.org/W4391375266","https://openalex.org/W2748952813","https://openalex.org/W2390279801","https://openalex.org/W2358668433","https://openalex.org/W4396701345","https://openalex.org/W2376932109","https://openalex.org/W2001405890","https://openalex.org/W4396696052","https://openalex.org/W2382290278","https://openalex.org/W4395014643"],"abstract_inverted_index":{"In":[0],"May":[1],"2022,":[2],"an":[3],"apparent":[4],"speculative":[5],"attack,":[6],"followed":[7],"by":[8,115],"market":[9],"panic,":[10],"led":[11],"to":[12,34,49,63,69,81,107],"the":[13,20,31,39,102,139,142],"precipitous":[14],"downfall":[15],"of":[16,19],"UST,":[17],"one":[18],"most":[21],"popular":[22],"stablecoins":[23,85,95,131],"at":[24],"that":[25,94,123],"time.":[26],"However,":[27],"UST":[28],"is":[29,113],"not":[30],"only":[32],"stablecoin":[33,58],"have":[35,96],"been":[36],"depegged":[37],"in":[38],"past.":[40],"Designing":[41],"resilient":[42],"and":[43,60,105,132,141],"long-term":[44],"stable":[45],"coins,":[46],"therefore,":[47],"appears":[48],"present":[50],"a":[51,77,88],"hard":[52],"challenge.":[53],"To":[54,122],"further":[55],"scrutinize":[56],"existing":[57],"designs":[59],"ultimately":[61],"lead":[62],"more":[64],"robust":[65],"systems,":[66],"we":[67,125],"need":[68],"understand":[70],"where":[71],"volatility":[72],"emerges.":[73],"Our":[74],"work":[75],"provides":[76],"game-theoretical":[78,91],"model":[79,92],"aiming":[80],"help":[82],"identify":[83],"why":[84],"suffer":[86],"from":[87,135],"depeg.":[89],"This":[90],"reveals":[93],"different":[97],"price":[98],"equilibria":[99],"depending":[100],"on":[101],"coin\u2019s":[103],"architecture":[104],"mechanism":[106],"minimize":[108],"volatility.":[109],"Moreover,":[110],"our":[111],"theory":[112],"supported":[114],"extensive":[116],"empirical":[117],"data,":[118],"spanning":[119],"1":[120],"year.":[121],"end,":[124],"collect":[126],"daily":[127],"prices":[128],"for":[129],"22":[130],"on-chain":[133],"data":[134],"five":[136],"blockchains":[137],"including":[138],"Ethereum":[140],"Terra":[143],"blockchain.":[144]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":1}],"updated_date":"2026-04-05T17:49:38.594831","created_date":"2025-10-10T00:00:00"}
