Demand for Safety in the Crypto Ecosystem

We thank Pablo Azar (discussant), Niccolò Bardoscia, Alexander Bechtel, Benoît Nguyen (discussant), Rhys Bidder (discussant), Charles Calomiris, Jonathan Chiu, Martina Fraschini (discussant), Vasso Ioannidou, Thorsten Koeppl (discussant), Luca Galati (discussant), Charles Perry (discussant), Gabriele La Spada, Moty Moravvej–Hamedani (discussant), Massimo Morini, Manuel Mueller–Frank, Julien Prat (discussant), Adib Rahman (discussant), Quentin Vandeweyer (discussant), Miklos Vari (discussant), Guillaume Vuillemey and seminar participants at the 2026 American Finance Association Conference, 2024 Fintech and Digital Currencies RPN Workshop, the 5th Crypto Asset Lab Conference, the Inaugural Future FinTech Federated Conference, the 7th Future of Financial Information at INSEAD, the BSE Summer Forum 2025 (Safety, Liquidity, and the Macroeconomy), the SNB–CIF Conference on Cryptoassets and Financial Innovation, the 32nd Finance Forum by the Spanish Finance Association, the Central Bank of Ireland–UCD–CEPR Conference on Macro-finance and financial stability policies, 4th Bonn/Frankfurt/Mannheim Workshop on Digital Finance, IESE Banking Initiative, Nova Business School, The Riksbank, Bank of Spain, 2026 CEBRA Annual Meeting, 2026 ToDeFi conference, and Third Conference on Stablecoins and Tokenization (Federal Reserve Boston) for many useful comments. We also thank Leoluca Virgadamo for his excellent research assistance. Remaining mistakes are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.