Digital Safe Havens: The Economics of Tokenized Treasuries
We thank Agostino Capponi, Lin Wlliam Cong, Phil Dybvig, Rodney Garratt, Allaudeen Hameed, Campbell Harvey, Emir Hrnkic, Kose John, Leonid Kogan, Erica Li, Yupeng Lin, Olga Klein, Evgeny Lyandres, Mei Luo, Simon Mayer, Danqing Mei, Katya Malinova, Karsten Muller, Dan Su, Gerry Tsoloukas, Xuan Tian, Charles Wang, Josh White, David Yermack, Yao Zeng, and Jin Zhao, as well as discussions at the 2026 Central Banking Research Association (CEBRA) Annual Meeting in Copenhagen, 11th Bank of Finland and European Systemic Risk Board Joint Conference, 2026 Economic Policy Forum in Singapore, Asian Bureau of Finance and Economic Research (ABFER), EAA Annual Meeting in Prague, EAR Panel on Digital assets, Monetary Authority of Singapore, Harvard Business School, Cheung Kong Graduate School of Business, National University of Singapore, PBC Tsinghua University, Monash University, and Hong Kong University for invaluable comments and suggestions. Rabetti thanks the Digital Economy and Financial Technology (DEFT) Labs at Cornell University, Tsinghua’s Research Center for Digital Financial Assets, and the Asian Institute of Digital Finance (AIDF) for extended discussions. Zhang acknowledges financial support from the National Natural Science Foundation of China (grant no. 72502128). Zekun Bian, Shimin Cui, Suyao Liu, Qianyu Wang, Li Ziting, Shimin Zhang, and Xinyi Zhang provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
