Payment Stablecoins and Tokenised Money

How to preserve the singleness of money for tokenised forms of money?, July 2023
Beyond Speculation: Payment Stablecoins for Real-time Gross Settlements joint with Thomas Hadeed and Ziming Zeng
- Slides, February 2024, OCC Symposium on the Tokenization of Real-World Assets and Liabilities
- Video highlights from D.C. Fintech Week Best Paper Award 2023
Payment versus trading stablecoins, CEPR-VOXeu Column, March 2023
Macroprudential Considerations for Tokenized Cash

This paper uses blockchain data to examines the use and financial stability risks associated with tokenized cash, a subset of payment stablecoins fully reserved with cash and cash equivalents.
- VOXeu
Stablecoins: Growth Potential and Impact on Banking, joint with John Caramichael
- Press: Bloomberg Money Stuff, Central Banking, PYMNTS
Stablecoins and Short-term Funding Market at the SNB-CIF 2023 conference

Automated Market Makers

On-Chain Foreign Exchange and Cross-Border Payments joint with Austin Adams, Mary-Catherine Lader, David Puth, Xin Wan

This paper studies the use of distributed ledger technologies in the trading and settlement of foreign exchange on public blockchains and international payments.
- Slides, June 2023, Bank of Canada Networks in Modern Financial and Payments Conference
- Code & Data
- Press: Bloomberg, Nasdaq
The Dominance of Uniswap v3 Liquidity joint with Dan Robinson
- Data
- Code
Uniswap Returns for Passive Liquidity Providers joint with Austin Adams
- Data
- Code

Cooperative AI and Decentralized Trust, Slides from Berkeley RDI summit, August 2023
Banks Dominate Payment Systems. The Risks Are All Too Clear, Op-Ed at Barron’s, March 2023
TradFi, CeFi, DeFi: A Balance Sheet Journey Through Financial Alchemy, Keynote address at Harvard Blockchain Conference, April 1, 2023