🤖 gxceed AI 要約
日本語
本研究は、2025年のGENIUS法を背景に、グリーン資産を裏付けとしたステーブルコインの流動性脆弱性を分析。VECMとGARCHモデルを用いた実証分析により、グリーン準備金がペッグの回復力を低下させ、気候ショック時にシステムリスクを増幅することを示した。
English
This study investigates the 'Climate-Liquidity Nexus' in stablecoins under the US GENIUS Act. Using VECM and GARCH models, it shows that green bond collateral increases liquidity hysteresis, with recovery half-life 5.4 times longer than Treasury-backed stablecoins, implying systemic fragility during climate shocks.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
In the global GX context
This paper highlights a novel risk in the intersection of green finance and digital assets, where ESG-driven reserve requirements may inadvertently create systemic vulnerabilities. It offers empirical evidence relevant to global stablecoin regulation and transition finance debates.
👥 読者別の含意
🔬研究者:Provides a quantitative framework linking climate-finance shocks to stablecoin stability, with implications for Greenium and liquidity hysteresis.
🏢実務担当者:Stablecoin issuers should consider the trade-off between green compliance and peg robustness, especially in reserve asset selection.
🏛政策担当者:Warns that current US stablecoin regulation (GENIUS Act) may increase fragility; suggests redesigning liquidity backstops for green-backed reserves.
📄 Abstract（原文）
The institutionalization of stablecoins has led to a paradigm shift in reserve management, accelerated by the 2025 Green Energy and National Infrastructure Underpinning Stablecoins (GENIUS) Act. This study investigates the "Climate-Liquidity Nexus," defined as the structural vulnerability arising from the use of environmentally sustainable but secondary-market-thin assets as collateral for high-velocity digital payment instruments. Utilizing a Vector Error Correction Model (VECM) and GARCH(1,1) volatility frameworks on high-frequency data from 2024 to 2026, we demonstrate that the transition toward green reserves introduces significant "Liquidity Hysteresis." My empirical results indicate that while green bonds fulfill ESG regulatory mandates, they compromise the information-insensitivity of the 1.00 USD peg. Following exogenous climate-finance shocks, the recovery half-life of green-backed stablecoins is found to be 5.4 times longer than that of traditional Treasury-backed counterparts. We find that the "Greenium" paid by issuers acts as a volatility multiplier rather than a safety buffer. These findings suggest that the current regulatory trajectory may inadvertently catalyze systemic fragility during physical risk events, necessitating a redesign of liquidity backstop facilities.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.48550/arxiv.2603.24842first seen 2026-05-14 21:44:51
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。