{"id":"https://openalex.org/W7140282562","doi":"https://doi.org/10.48550/arxiv.2603.23480","title":"Stablecoins as Dry Powder: A Copula-Based Risk Analysis of Cryptocurrency Markets","display_name":"Stablecoins as Dry Powder: A Copula-Based Risk Analysis of Cryptocurrency Markets","publication_year":2026,"publication_date":"2026-03-24","ids":{"openalex":"https://openalex.org/W7140282562","doi":"https://doi.org/10.48550/arxiv.2603.23480"},"language":null,"primary_location":{"id":"doi:10.48550/arxiv.2603.23480","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.2603.23480","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Preprint"},"type":"preprint","indexed_in":["datacite"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.48550/arxiv.2603.23480","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5122926228","display_name":"Elliot Jones","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Jones, Elliot","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5006004093","display_name":"Toshiko Matsui","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Matsui, Toshiko","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5130576344","display_name":"William Knottenbelt","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Knottenbelt, William","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.8822000026702881,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.8822000026702881,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.030300000682473183,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.00839999970048666,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/cryptocurrency","display_name":"Cryptocurrency","score":0.9300000071525574},{"id":"https://openalex.org/keywords/volatility","display_name":"Volatility (finance)","score":0.6588000059127808},{"id":"https://openalex.org/keywords/asset","display_name":"Asset (computer security)","score":0.44909998774528503},{"id":"https://openalex.org/keywords/granger-causality","display_name":"Granger causality","score":0.43619999289512634},{"id":"https://openalex.org/keywords/digital-currency","display_name":"Digital currency","score":0.42910000681877136},{"id":"https://openalex.org/keywords/value-at-risk","display_name":"Value at risk","score":0.3513000011444092}],"concepts":[{"id":"https://openalex.org/C180706569","wikidata":"https://www.wikidata.org/wiki/Q13479982","display_name":"Cryptocurrency","level":2,"score":0.9300000071525574},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.6588000059127808},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4885999858379364},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.44909998774528503},{"id":"https://openalex.org/C129824826","wikidata":"https://www.wikidata.org/wiki/Q2630107","display_name":"Granger causality","level":2,"score":0.43619999289512634},{"id":"https://openalex.org/C48220719","wikidata":"https://www.wikidata.org/wiki/Q10836209","display_name":"Digital currency","level":3,"score":0.42910000681877136},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.37560001015663147},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.36660000681877136},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3569999933242798},{"id":"https://openalex.org/C94128290","wikidata":"https://www.wikidata.org/wiki/Q963287","display_name":"Value at risk","level":3,"score":0.3513000011444092},{"id":"https://openalex.org/C73858035","wikidata":"https://www.wikidata.org/wiki/Q1164550","display_name":"Market risk","level":2,"score":0.3474999964237213},{"id":"https://openalex.org/C23952128","wikidata":"https://www.wikidata.org/wiki/Q627543","display_name":"Money market","level":3,"score":0.2935999929904938},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.28630000352859497},{"id":"https://openalex.org/C23922673","wikidata":"https://www.wikidata.org/wiki/Q180752","display_name":"Autoregressive conditional heteroskedasticity","level":3,"score":0.2842999994754791},{"id":"https://openalex.org/C56017942","wikidata":"https://www.wikidata.org/wiki/Q204037","display_name":"Natural logarithm","level":3,"score":0.26249998807907104},{"id":"https://openalex.org/C64357122","wikidata":"https://www.wikidata.org/wiki/Q1149766","display_name":"Causality (physics)","level":2,"score":0.2623000144958496},{"id":"https://openalex.org/C2991870787","wikidata":"https://www.wikidata.org/wiki/Q181982","display_name":"Western hemisphere","level":2,"score":0.2549000084400177}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.48550/arxiv.2603.23480","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.2603.23480","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":null,"raw_source_name":null,"raw_type":"Preprint"}],"best_oa_location":{"id":"doi:10.48550/arxiv.2603.23480","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.2603.23480","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Preprint"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/9","score":0.6491413116455078,"display_name":"Industry, innovation and infrastructure"}],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":[],"abstract_inverted_index":{"Stablecoins":[0],"serve":[1],"as":[2,11,101],"the":[3,12,19,28,38,50],"fundamental":[4],"infrastructure":[5],"for":[6],"Decentralised":[7],"Finance":[8],"(DeFi),":[9],"acting":[10],"primary":[13],"bridge":[14],"between":[15],"fiat":[16],"currencies":[17],"and":[18,54,68,91],"digital":[20],"asset":[21],"ecosystem.":[22],"While":[23],"peg":[24],"stability":[25],"is":[26],"well-documented,":[27],"structural":[29],"role":[30,100],"stablecoins":[31],"play":[32],"in":[33,83,113],"transmitting":[34],"systemic":[35],"risk":[36,112],"to":[37,48,58,94],"broader":[39,95],"market":[40,96],"remains":[41],"under-explored.":[42],"This":[43],"study":[44],"uses":[45],"copula-based":[46],"approaches":[47],"quantify":[49],"transmission":[51],"of":[52],"volatility":[53,93,116],"activity":[55],"from":[56],"stablecoin":[57,76,89,120],"cryptocurrency":[59,84,115],"markets.":[60],"We":[61],"demonstrate":[62],"in-sample":[63],"causality":[64],"across":[65],"daily,":[66],"weekly,":[67],"monthly":[69],"horizons.":[70],"Furthermore,":[71],"we":[72,87,105],"show":[73],"that":[74],"incorporating":[75],"factors":[77,121],"significantly":[78],"reduces":[79],"Mean":[80],"Squared":[81],"Error":[82],"forecasting.":[85],"Specifically,":[86],"link":[88],"volume":[90],"upside":[92],"volatility,":[97],"indicating":[98],"its":[99],"dry":[102],"powder.":[103],"Finally,":[104],"establish":[106],"economic":[107],"value":[108],"by":[109],"demonstrating":[110],"reduced":[111],"a":[114],"targeting":[117],"model":[118],"when":[119],"are":[122],"employed.":[123]},"counts_by_year":[],"updated_date":"2026-07-01T06:00:48.157686","created_date":"2026-03-26T00:00:00"}
