Centralized exchanges & proof-of-solvency: The guardians of trust

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-20 DOI:10.1016/j.intfin.2025.102183

David Vidal-Tomás

引用次数: 0

Abstract

The stability and transparency of centralized cryptocurrency exchanges have received limited attention, despite their growing role in digital asset markets. This paper analyzes their stability through proof-of-assets disclosures. Using an AR-GARCH framework and MVaR assessment, we evaluate centralized exchange resilience during the extreme events of 2022 within the impersonal trust framework of Shapiro (1987). Our findings highlight that the FTX and Celsius bankruptcies had the most detrimental impact on market stability, while stablecoins played a dual role—enhancing resilience under normal conditions but posing systemic risks in the event of failure. Additionally, exchanges should maintain extra reserves of 6% to 14% to withstand adverse events and improve resilience during periods of stress. Paradoxically, the cryptocurrency ecosystem, designed to reduce reliance on trust, now demands even more “guardians of trust” than traditional finance to create a trustworthy environment for participants.

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中心化交易所和偿付能力证明：信任的守护者

集中式加密货币交易所的稳定性和透明度受到的关注有限，尽管它们在数字资产市场中的作用越来越大。本文通过资产披露证明分析了它们的稳定性。利用AR-GARCH框架和MVaR评估，我们在Shapiro（1987）的非个人信任框架下评估了2022年极端事件期间的集中式交换弹性。我们的研究结果强调，FTX和Celsius破产对市场稳定的影响最为不利，而稳定币发挥了双重作用——在正常情况下增强弹性，但在破产时构成系统性风险。此外，交易所应保持6%至14%的额外储备，以抵御不利事件，并在压力时期提高弹性。矛盾的是，旨在减少对信任依赖的加密货币生态系统，现在需要比传统金融更多的“信任守护者”，为参与者创造一个值得信赖的环境。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.