Stablecoins under Stress in a National Economy: Transaction-Level Evidence from Austrian Crypto-Asset Service Providers
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摘要
Using Austria’s regulator-mandated address registry for crypto-asset service providers (CASPs), this study reconstructs on-chain activity across BTC, ETH, USDT, and USDC through May 2025 for 12 registered Austrian CASPs, capturing 11.98 million transfers totaling \$50.4 billion. External activity totals roughly \$30 billion, with domestic inter-CASP flows being negligible and 41.1% of volume arising from within-entity bookkeeping. External counterparties are highly concentrated (0.77% of transfers generate 57.8% of external volume). Retail-like and institutionally mediated flows diverge in response to Terra-Luna, FTX, and SVB shocks, and stablecoins do not provide a uniform safe haven; SVB, in particular, reveals asymmetric USDC redemption dynamics favoring institutions. This registry-based approach offers a reproducible framework to monitor cryptoasset risk transmission across jurisdictions [page::0].
