First Evidence of Arb in the CeFi and DeFi term structure of stable coins скачать в хорошем качестве

First Evidence of Arb in the CeFi and DeFi term structure of stable coins

This video recording, arguably, presents the first empirical evidence of term-structure arbitrage opportunities in stablecoin markets CeFi & DeFi (e.g. USDC, USDT, DAI). We document the existence of an upward-sloping zero-rate curve within this sector and demonstrate that it exhibits meaningful time variation. These findings suggest that stablecoin markets already embed a dynamic term structure, which can serve as a useful framework for identifying, measuring, and managing risk within this segment of the broader cryptocurrency ecosystem. As the stablecoin industry continues to mature, we expect the term structure to extend to longer maturities, facilitating the development and pricing of more sophisticated, longer-duration fixed-income instruments. In this respect, the evolution of stablecoin yield curves may parallel the historical development of fixed-income markets on Wall Street, where institutions such as Salomon Brothers played a formative role in deepening market structure and liquidity. We anticipate that a similar process of institutionalization and innovation can occur within the emerging digital asset landscape.