金融与财务学系列讲座之332期

Time：14:00-15:30, Tuesday, April 14, 2026

Location: Room 603, Starr Building（史带楼603室）

MC： Prof. Xintong Zhan

Department of Finance, FDSM

Topic: Stablecoin Flows, Dollar Convenience Yields and Exchange Rates

Speaker: Tianyu Wang (王天宇)

Tsinghua University

Abstract: We examine the impact of stablecoins on the convenience yield of U.S. safe assets, the value of the U.S. dollar, and market stability. We find that a one–standard-deviation inflow into U.S. dollar–denominated stablecoins increases the U.S. Treasury convenience yield by 4 basis points and leads to a 0.9% appreciation of the U.S. dollar over the subsequent month. These effects are stronger with USDC (which uses Treasuries as its main reserve), when Treasury convenience yields are already elevated and stablecoin prices are more tightly pegged to $1. We further use the shock to the crypto market as an instrument for stablecoin flows to address the endogeneity issue. The results are consistent with a convenience-yield-based theory of exchange rates that incorporates a novel crypto-related demand channel for the U.S. dollar. Finally, we show that the dollar stablecoin market serves as a transmission channel through which volatility in crypto markets spills over into traditional financial markets.

Bio: 王天宇，清华大学经管学院副教授。研究聚焦于资产定价，金融机构与国际金融，以及人工智能对于资本市场的影响。相关研究发表于《Journal of Finance》《Review of Financial Studies》《Journal of Financial Economics》等期刊。主持多项国家自然科学基金课题（青年B、C，专项项目）等。王天宇，清华大学经管学院副教授。研究聚焦于资产定价，金融机构与国际金融，以及人工智能对于资本市场的影响。相关研究发表于《Journal of Finance》《Review of Financial Studies》《Journal of Financial Economics》等期刊。主持多项国家自然科学基金课题（青年B、C，专项项目）等。