USDT premium as an empirical signal for crisis regime identification: evidence from the stablecoin market 2019–2026
This paper investigates whether USDT premium, defined as the deviation of the Tether price from its one-dollar peg in basis points, exhibits systematic and asymmetric behavior across different crisis regimes. Using daily data from January 2019 to January 2026 (n = 2,588), the analysis documents systematic asymmetry in...