The study's instrumental-variable method relied on U.S. banks passing through significantly larger shares of federal funds rate increases to deposit rates once the federal funds rate exceeded 3%.

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Supply, adoption, and competitive dynamics of fiat-pegged tokens, tracking issuers like Tether and Circle and the payment and trading flows they power.