Research

Working Papers:

The Safety Illusion: Stablecoin Trust Banks, Partial Federal Reserve Access, and Financial Stability (with Erick Rengifo) - Under Review. SSRN Link

Balance Decomposition of Crypto, CBDC, Stablecoins and RWA (with Erick Rengifo) -Under Review. SSRN Link

Democratization or Illusion? Evaluating Tokenized Real-World Assets from a Retail Investor Perspective (with Erick Rengifo) - R&R at Journal of Financial Stability.SSRN  

Atomic Settlement Adoption and Coordination Fragility (with Erick Rengifo) - Submitted. 

When AI Agents meet MEV: Cross-Chain Arbitrage in the Agentic Economy (with Jingyan Xu, Yuanhong Wu) - Submitted. 

Stablecoin Monoculture, Cross-Chain Transmission, and Regulatory Competition: Agentic Payments in Tokenized Asset Markets across U.S., Singapore and HK SAR. SSRN Link

A Structural Risk Assessment Framework for Banks under Cryptocurrencies and CBDC SSRN

Selected Working In Progress: 

Design retail and wholesale CBDC for Cross-border Payment. Draft coming soon. 

Hong Kong's Digital Trilemma: Tokenization, the Linked Exchange Rate, and the Offshore RMB Hub. Draft coming soon. 

Agentic Payment and Financial Stability: Correlated Demand, Stablecoin Off-Ramps, and Exchange Rate Volatility in Emerging Markets (with Erick Rengifo)

Who Gets to Be a Bank? Digital Money, Regulatory Design, and the Remaking of Banking 

Published:

Bitcoin Price Prediction using Machine Learning and Combinatorial Fusion Analysis (with Yuanhong Wu, Horatio Xu, Frank Hsu) -  2025 IEEE Conference on Artificial Intelligence (CAI)

A Model Fusion Approach for Enhancing Credit Card Approval Decision Making (with Yuanhong Wu, Horatio Xu, Christina Schweikert and Frank Hsu) - IEEE AIxB 2025.