Real-time Risk Metrics for Programmatic Stablecoin Crypto Asset-Liability Management (CALM). (arXiv:2401.13399v1 [q-fin.RM])

Stablecoins have turned out to be the "killer" use case of the growing
digital asset space. However, risk management frameworks, including regulatory
ones, have been largely absent. In this paper, we address the critical question
of measuring and managing risk in stablecoin protocols, which operate on public
blockchain infrastructure. The on-chain environment makes it possible to
monitor risk and automate its management via transparent smart-contracts in
real-time. We propose two risk metrics covering capitalization and liquidity of
stablecoin protocols. We …

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