GMU's Future of Finance Lab Built Three Working Papers on Allium Data

George Mason University's Costello College of Business cited Allium in three working papers from its Future of Finance Lab, produced by the 2026 Junior Scholars cohort under Prof. Derek Horstmeyer. Two papers study stablecoins and the future of dollar dominance. The third studies fragility in perpetual futures markets.

What the papers cover

Assessing the Influence of Stablecoin Adoption on Dollar Dominance from Cross-Country and Monetary Data (Dalmet, Lee, Liu, Kandhari, and Horstmeyer) runs OLS regressions across 25 countries over 2021 to 2025. The authors pair Allium country-level stablecoin holdings with Treasury International Capital and macroeconomic series, then test how stablecoin growth moves with M1 and M2 money supply, Treasury and debt holdings, and 10-year government bond yields, controlling for inflation expectations, the VIX, and country fixed effects.

The Future of Dollar Dominance: Stablecoins, Autarky, and the Rise of Small Nations' Currencies (Horstmeyer, Fitz-Green, Holtman, and Miyagawa) normalizes stablecoin holdings by country against M2. The ranking that falls out puts emerging markets and countries with a history of currency crises at the top, which the authors read as evidence on where dollar-denominated stablecoins are doing real monetary work.

Perpetual Futures Fragility: The Effect of Stablecoin Funding and Reference-Price Construction (Gumruk, Baradwaj, Malghan, and Horstmeyer) uses minute-level snapshots of six Hyperliquid perpetual contracts: four native market-priced contracts (ETH, SOL, XRP, HYPE) and two deployer-priced HIP-3 contracts (SPX and xyz:GOLD). The authors queried Allium directly over SQL under the Academic Plan, working off the raw Hyperliquid perpetual market asset context tables rather than curated dashboards, and ask how reference-price construction feeds through to market quality.

Why this matters

Country-level stablecoin holdings and minute-level perpetual market state are hard to assemble. Both require resolving raw onchain activity into something an economist can regress against TIC filings or against a funding rate, and both fall apart if the underlying pipeline drops data or shifts definitions between periods. Three separate student teams built results on that foundation over a single summer, with one of them writing its own SQL against raw tables instead of relying on prepared views.

That is the use case the Allium Academic Plan exists for. Researchers get the same data our institutional customers query, at the same granularity, so the analysis holds up under peer review and can be reproduced by anyone with access.

Attribution

Using newly developed country-level stablecoin holdings data from Allium, this study examines the relationship between stablecoin growth and changes in M1 and M2 money supply, Treasury and debt holdings, and 10-year government bond yields across 25 countries over a five-year period.
Dalmet, Lee, Liu, Kandhari, and Horstmeyer (2026)

In the graph below, we collect stablecoin holdings by country (provided by Allium).
Horstmeyer, Fitz-Green, Holtman, and Miyagawa (2026)

Our primary data platform is Allium (Academic Plan), queried directly via its SQL editor (Snowflake-flavored SQL) rather than through curated dashboards.
Gumruk, Baradwaj, Malghan, and Horstmeyer (2026)

Full citations:

Dalmet, S., Lee, A., Liu, C., Kandhari, M., & Horstmeyer, D. (2026). Assessing the Influence of Stablecoin Adoption on Dollar Dominance from Cross-Country and Monetary Data. George Mason University, Costello College of Business; Future of Finance Lab.

Horstmeyer, D., Fitz-Green, S., Holtman, H., & Miyagawa, L. (2026). The Future of Dollar Dominance: Stablecoins, Autarky, and the Rise of Small Nations' Currencies. George Mason University, Costello College of Business; Future of Finance Lab.

Gumruk, B., Baradwaj, A., Malghan, K., & Horstmeyer, D. (2026). Perpetual Futures Fragility: The Effect of Stablecoin Funding and Reference-Price Construction. George Mason University, Costello College of Business; Future of Finance Lab.

Links

Junior Scholars program page: futurefinancelab.org/junior-scholars

Assessing the Influence of Stablecoin Adoption on Dollar Dominance from Cross-Country and Monetary Data: PDF

The Future of Dollar Dominance: Stablecoins, Autarky, and the Rise of Small Nations' Currencies: PDF

Perpetual Futures Fragility: The Effect of Stablecoin Funding and Reference-Price Construction: PDF

Researchers who want access to the same data can find the Allium Academic Plan at allium.so.