Research

My research studies digital assets, stablecoins, blockchain infrastructure, and decentralized market design, with a focus on liquidity, intermediation, regulation, and welfare.

Publications

Miner Competition and Transaction Fees, with Enchuan Shao, Journal of Economic Behavior & Organization, 2024.

Working Papers

The Microstructure of Stablecoin Stability: Evidence from Tether , with Enchuan Shao.
The Entry of Bitcoin Mining and Its Welfare Implications , with Enchuan Shao.

Work in Progress

Prudential Regulation in Decentralized Markets: Entry, Concentration, and Settlement Risk , with Moty Moravvej.
The Law of the Few in Stablecoin Arbitrage , with Enchuan Shao.
The Liability Side of Private Money: Stablecoin Issuance and Reserve-Income Profits