大陆成人直播

稳定币专题 | Simon Mayer，CMU Tepper

Financial Intermediation with Fragile Seigniorage: A Dynamic Model of Stablecoin Issuers

时间：

2025年10月13日 周一 北京时间 下午3:30-5:00

Monday October 13, 3:30-5:00 pm Beijing time

地点/Venue：

线下： [锚点] 大陆成人直播-成人直播中文 承泽园校区132教室

线上：ZOOM会议（会议号: 836 4488 5366  密码: 950536）

主讲人/Speaker:   Simon Mayer

主持人/Host：胡佳胤 Jiayin Hu

摘要/Abstract:

We provide a unified model of stablecoins with quantitative implications for the is suer’s stablecoin-management strategy, equity valuation, and responses to regulations. The issuer earns seigniorage, but negative shocks to reserve assets can force depegging, reducing seigniorage precisely when needed the most by the issuer to recover and re store the peg. This fragility of seigniorage creates an instability trap. A risk paradox also emerges: reducing reserve-asset risk can make depegging more likely, challenging conventional views. Capital requirements serve a distinct role: by limiting the issuer’s reliance on seigniorage as a source of profits, they enhance stability and eliminate the risk paradox.

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主讲人介绍/Biography:

Simon Mayer is an Assistant Professor of Finance at Carnegie Mellon University, Tepper School of Business, where he holds the Carnegie Bosch Junior Chair. He received his PhD from Erasmus University Rotterdam in 2021. He is an Associate Editor at Management Science. His research has been published in the top-tier finance journals, including Journal of Finance, Review of Financial Studies, and Journal of Financial Economics.