This study analyzes the interconnection of the stability of prominent stablecoins including Tether (USDT), USD Coin (USDC), Paxos Standard (PAX), TrueUSD (TUSD) and DAI from 23/11/2019 to 1/04/2021. We find (i) market price fluctuations vary across stablecoins, (ii) instabilities in USDT and USDC significantly drive those of other stablecoins but less convincing evidence for the reverse impact, and (iii) that increases (decreases) in USDT market prices significantly depress (raise) the market prices of the other stablecoins. Interestingly, the algorithmic stablecoin, DAI, is found to be less stable than its USD-backed counterparts.

This paper examines how the combination of artificial intelligence (AI) and blockchain technology can enable autonomous AI agents to engage and execute economic and financial transactions. We critically examine the constraints on AI agents in achieving predefined objectives independently, especially due to their limited access to economic and financial institutions. We argue that AI’s access to these institutions is vital in enhancing its capabilities to augment human productivity. Drawing on the theory of institutional economics, we propose that blockchain provides a solution for creating digital economic and financial institutions, permitting AI to engage with these institutions through the management of private keys. This extends AI’s capabilities to form and execute contracts, participate in marketplaces, and utilize financial services autonomously. The paper encourages further research on AI as a general-purpose technology and blockchain as an institutional technology that can unlock the full capabilities of autonomous AI agents.

This study investigates the herding behavior in the cryptocurrency market during the period of the Russia and Ukraine conflict using intraday cryptocurrency price data of the five largest cryptocurrencies in terms of market capitalization. The empirical results indicate an anti-herding behavior during the whole period of the conflict, especially after the conflict officially happens. The research contributes to the growing literature on herding behavior in the cryptocurrency market by using intraday data and examining the Russia–Ukraine conflict period.