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Economics

Economics

Original insights and research on macroeconomics, stablecoins, digital assets, distributed ledger technology (DLT) and blockchains from Circle Chief Economist Gordon Liao.

SSRN
Gordon Liao, Thomas Hadeed, Ziming Zeng
June 12, 2023
Beyond Speculation: Payment Stablecoins for Real-time Gross Settlements

This study presents empirical evidence that shows a notable shift in the usage of stablecoins, a form of digital currency transacted over distributed ledgers, in recent years.

SSRN
Gordon Liao
April 14, 2023
On-Chain Foreign Exchange and Cross-Border Payments

This paper studies the use of distributed ledger technologies in the trading and settlement of foreign exchange (FX) on public blockchains as well as use cases in international payments.

Circle
Gordon Liao
April 6, 2023
TradFi, CeFi, DeFi: A Balance Sheet Journey Through Financial Alchemy

Circle
Gordon Liao
March 29, 2023
Digital Assets and the Future of Money

Barron’s
Gordon Liao
March 26, 2023
Banks Dominate Payment Systems. The Risks Are All Too Clear.

CEPR
Gordon Liao
March 25, 2023
Payment versus trading stablecoins

This column presents empirical analyses of stablecoin use and prudential implications.

Circle
Le mouvement financier
March 23, 2023
Tokenized Cash & Reducing Systemic Risk

SSRN
Gordon Liao
September 29, 2022
Macroprudential Considerations for Tokenized Cash

This paper examines the financial stability risks associated with tokenized cash, a subset of stablecoins fully reserved with cash and cash equivalents.