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

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

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.

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

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.

TradFi, CeFi, DeFi: A Balance Sheet Journey Through Financial Alchemy
Circle | Gordon Liao | April 6, 2023
Digital Assets and the Future of Money
Circle | Gordon Liao | March 29, 2023
Banks Dominate Payment Systems. The Risks Are All Too Clear.
Barron’s | Gordon Liao | March 26, 2023
Payment versus trading stablecoins
CEPR | Gordon Liao | March 25, 2023

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

Tokenized Cash & Reducing Systemic Risk
Circle | The Money Movement | March 23, 2023
Macroprudential Considerations for Tokenized Cash
SSRN | Gordon Liao | September 29, 2022

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