Stablecoin Runs and the Centralization of Arbitrage

We thank the Editor (Andrey Malenko), two anonymous referees, Garth Baughman, Chris Cameron, Francesca Carapella, Caitlin Dannhauser, Eduardo Davila, Campbell Harvey, Chris Hua, Urban Jermann, Ye Li, Gordon Liao, Cyril Monnet, Cecilia Parlatore, Anna Pavlova, Mila Sherman, Dina Tsarapkina, Alexandros Vardoulakis, Dimitri Vayanos, and Ganesh Viswanath-Natraj for detailed comments, and conference and seminar participants at AFA AFFECT, Berkeley Haas, Boston Fed, Central Bank Conference on the Microstructure of Financial Markets, Chicago Booth, CKGSB, Columbia, Department of the Treasury, ECB Money Market Conference, Dartmouth Tuck, Duke/UNC/Milken DeFi Conference, Fed Board, Four Corners Investment Conference, FTG Michigan Meeting, HKUST, NBER SI Risk of Financial Institutions Meeting, NYU Stern Microstructure Conference, Oxford-Man Institute, Peking University, Purdue FinTech Conference, Texas A&M, Treasury/OFR Rising Scholar Conference, Tsinghua University, UC Irvine, UM Amherst, UT Dallas, University of Washington, Warwick Business School Gillmore Conference, Wharton, and WFA. Ding Ding, Pietro Ducco, Grace Jiarui Fan, Baiyang Han, Junyi Hu, Liming Ning, Haichuan Wang, Xinyi Wang, Yuming Yang, and Max Yang provided excellent research assistance. All errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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