When Is Private Money Information-Sensitive? Evidence from Stablecoin Reserve Disclosures

Antonis Ballis, Phuong Anh Nguyen, Dimitrios Anastasiou and Steven Ongena
Additional contact information
Antonis Ballis: Aston Business School, Aston University
Phuong Anh Nguyen: Aston University - Aston Business School
Dimitrios Anastasiou: Athens University of Economics and Business - Department of Business Administration
Steven Ongena: University of Zurich - Department Finance; Swiss Finance Institute; KU Leuven; NTNU Business School; Centre for Economic Policy Research (CEPR)

No 26-64, Swiss Finance Institute Research Paper Series from Swiss Finance Institute

Abstract: Theories of private money predict that debt designed to circulate at par is information-insensitive: disclosure moves prices only where asymmetry about backing survives. We test this using a hand-collected calendar of 116 stablecoin reserve attestations by Tether and Circle, 2018-2026, in a panel with date and asset fixed effects. Tether's releases widen its peg deviation by roughly half relative to peers the same day, without abnormal volume or redemptions: repricing, not runs. Circle's releases move nothing on average, but do move its peg in months disclosing material reserve reallocations. Information sensitivity attaches to disclosure content, not issuer identity.

Keywords: Stablecoins; Private Money; Information Sensitivity; Disclosure; Attestations; Market Discipline; Peg Stability (search for similar items in EconPapers)
JEL-codes: E42 G12 G14 G23 (search for similar items in EconPapers)
Pages: 88 pages
Date: 2026-09
References: Add references at CitEc
Citations:

Downloads: (external link)
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7470320 (application/pdf)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:chf:rpseri:rp2664

Access Statistics for this paper

More papers in Swiss Finance Institute Research Paper Series from Swiss Finance Institute Contact information at EDIRC.
Bibliographic data for series maintained by Ridima Mittal ().