Stablecoins: A Revolutionary Payment Technology with Financial Risks

All authors except Geyue Sun are affiliated with the Andersen Institute for Finance and Economics, which funded this paper. Geyue (Grace) Sun is a PhD student at George Washington University and completed work on this project as an Andersen Institute PhD intern. Alessandro Rebucci is Professor at the Johns Hopkins Carey Business School and Andersen Institute Scholar. Although the Andersen Institute for Finance and Economics receives funding from Andersen Tax LLC, the Institute is an independent research entity which does not engage in tax policy advocacy, tax advisory, or financial consulting of any kind. The authors thank Haelim Anderson, Nicola Borri, Jason Cheal, Khia Kurtenbach, Benigno Pierpaolo, Hai Tang, Craig Torres, and Bob Wright for comments and discussions, and Brian Boeckman and Anya Parikh for editorial and technical assistance. The data underlying all figures and LLM survey results can be downloaded at: https://anderseninstitute.org/stablecoins-whitepaper. The data can be used provided proper attribution with the following citation: Ahmed, Clouse, Natalucci, Rebucci, and Sun. “Stablecoins: A Revolutionary Payment Technology with Financial Risks.” Andersen Institute for Finance and Economics, October 2025. The views expressed herein are those of the authors and do not necessarily reflect the views of the Andersen Institute or affiliated organizations, nor of the National Bureau of Economic Research.

• Survey results