# Research & Articles Research and writing on digital assets, tokenization, stablecoins, and AI. A project of the [MIT Cryptoeconomics Lab](https://mitsloan.mit.edu/centers-initiatives/cryptoeconomics-lab/welcome-mit-cryptoeconomics-lab) at MIT Sloan. ## Papers - [Seeding the S-Curve? The Role of Early Adopters in Diffusion](https://blockchain.mit.edu/research/seeding-the-s-curve.md) — Christian Catalini, Catherine Tucker (August 2016) - [When Early Adopters Don't Adopt](https://blockchain.mit.edu/research/when-early-adopters-dont-adopt.md) — Christian Catalini, Catherine Tucker (July 2017). Published: Science, Vol. 357, Issue 6347, pp. 135–136 - [Some Simple Economics of the Blockchain](https://blockchain.mit.edu/research/some-simple-economics-of-the-blockchain.md) — Christian Catalini, Joshua S. Gans (September 2017). Published: Communications of the ACM, Vol. 63, No. 7 (July 2020), pp. 80–90 - [The Digital Privacy Paradox and Choice Architecture: Evidence from an Experiment in Fintech](https://blockchain.mit.edu/research/digital-privacy-paradox.md) — Susan Athey, Christian Catalini, Alex Moehring, Catherine Tucker (2026 (first version February 2017)). Published: MIS Quarterly, 2026 - [Initial Coin Offerings and the Value of Crypto Tokens](https://blockchain.mit.edu/research/initial-coin-offerings-and-the-value-of-crypto-tokens.md) — Christian Catalini, Joshua S. Gans (March 2018) ## More papers - [How Will Stablecoins Integrate with the Financial System?](https://www.jstor.org/stable/resrep71787) — Centre for International Governance Innovation, 2025 - [Some Simple Economics of Stablecoins](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3985699) — Annual Review of Financial Economics, 2021 - [From Stablecoins to CBDCs: The Public Benefits of a Public-Private Partnership](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3986192) — Working paper, 2021 - [On the Economic Design of Stablecoins](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3899499) — Working paper, 2021 - [Setting Standards for Stablecoin Reserves](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3970885) — Working paper, 2021 - [Markets for Crypto Tokens, and Security under Proof of Stake](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3740654) — Working paper, 2021 - [Why Is the United States Lagging Behind in Payments?](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3893937) — Working paper, 2021 - [Antitrust and Costless Verification: An Optimistic and a Pessimistic View of Blockchain Technology](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3199453) — Antitrust Law Journal, 2019 - [Market Design for a Blockchain-Based Financial System](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3396834) — Working paper, 2019 - Blockchain Technology and Cryptocurrencies: Implications for the Digital Economy, Cybersecurity, and Government — Georgetown Journal of International Affairs, 2018 - [Technological Opportunity, Bubbles and Innovation: The Dynamics of Initial Coin Offerings](https://catalini.com/research/bubbles-dynamics-of-icos/) — Working paper, 2018 - [Blockchain Technology and Organization Science: Decentralization Theatre or Novel Organizational Form?](https://catalini.com/s/OS-Blockchain-Perspective-FINAL.pdf) — Working paper, 2018 ## Articles — Stablecoins - [Why An Open Standard Will Win The Stablecoin Race](https://www.forbes.com/sites/christiancatalini/2026/06/30/why-an-open-standard-will-win-the-stablecoin-race/) — Christian Catalini. Forbes, June 2026 - [The Banks Would Like To Dye Your Stablecoins Pink](https://www.forbes.com/sites/christiancatalini/2026/04/20/the-banks-would-like-to-dye-your-stablecoins-pink/) — Christian Catalini. Forbes, April 2026 - [What Stablecoin Regulation Means for Business](https://sloanreview.mit.edu/issue/2026-winter/) — Christian Catalini. MIT Sloan Management Review, Winter 2026 - [How Banks Learned To Stop Worrying And Love Stablecoins](https://www.forbes.com/sites/christiancatalini/2025/12/17/how-banks-learned-to-stop-worrying-and-love-stablecoins/) — Christian Catalini. Forbes, December 2025 - [The Trillion-Dollar Battle for Money's Operating System](https://www.koreaherald.com/article/10617819) — Christian Catalini. The Korea Herald, November 2025 - [The Unwitting Kingmaker: Why Washington's GENIUS Act Could Accidentally Crown a Stablecoin Superpower](https://catalini.com/s/1-The-Unwitting-Kingmaker-Why-Washingtons-GENIUS-Act-Could-Accidentally-Crown-a-Stablecoin-Superpowe.pdf) — Christian Catalini. Competition Policy International, September 2025 - [Stripe's Tempo And The Ghost Of Facebook's Libra's Past](https://www.forbes.com/sites/christiancatalini/2025/09/05/stripes-tempo-and-the-ghost-of-facebooks-libras-past/) — Christian Catalini. Forbes, September 2025 - [The Stablecoin Wars](https://www.forbes.com/sites/christiancatalini/2025/04/29/the-stablecoin-wars/) — Christian Catalini. Forbes, April 2025 - [Why Everyone Is Wrong About Stablecoins](https://www.forbes.com/sites/christiancatalini/2024/11/01/why-everyone-is-wrong-about-stablecoins/) — Christian Catalini. Forbes, November 2024 - [The Race to Dominate Stablecoins](https://hbr.org/2024/08/the-race-to-dominate-stablecoins) — Christian Catalini, Jane Wu. Harvard Business Review, August 2024 - [Are Stablecoins Winner-Take-All?](https://catalini.com/s/2-ARE-STABLECOINS-WINNER-TAKE-ALL-Christian-Catalini-Jai-Massari.pdf) — Christian Catalini, Jai Massari. Competition Policy International, July 2024 - [Stablecoins and the Future of Money](https://hbr.org/2021/08/stablecoins-and-the-future-of-money) — Christian Catalini, Jai Massari. Harvard Business Review, August 2021 - [It's Time to Knock Down the Walled Gardens of the Payments System](https://www.americanbanker.com/opinion/its-time-to-knock-down-the-walled-gardens-of-the-payments-system) — Christian Catalini. American Banker, June 2021 ## Articles — Digital Assets - [Crypto Is Ready To Be Boring Now](https://www.forbes.com/sites/christiancatalini/2025/12/12/crypto-is-ready-to-be-boring-now/) — Christian Catalini. Forbes, December 2025 - [Does Bitcoin Belong on Your Balance Sheet?](https://hbr.org/2025/09/does-bitcoin-belong-on-your-balance-sheet) — Christian Catalini. Harvard Business Review, September 2025 - [Economists Are Still Puzzled By Bitcoin—Should Anyone Be?](https://www.forbes.com/sites/christiancatalini/2025/08/20/economists-are-still-puzzled-by-bitcoin-should-anyone-be/) — Christian Catalini. Forbes, August 2025 - [Stripe Is Building A Blockchain: Can Openness Survive Branded Rails?](https://www.forbes.com/sites/christiancatalini/2025/08/11/stripe-is-building-a-blockchain-can-openness-survive-branded-rails/) — Christian Catalini. Forbes, August 2025 - [What Everyone Gets Wrong About Crypto Adoption](https://www.forbes.com/sites/digital-assets/2025/05/01/what-everyone-gets-wrong-about-crypto-adoption/) — Christian Catalini. Forbes, May 2025 - [With Dollar Hegemony At Risk, Could This Be Crypto’s Moment?](https://www.forbes.com/sites/christiancatalini/2025/04/11/with-dollar-hegemony-at-risk-could-this-be-cryptos-moment/) — Christian Catalini. Forbes, April 2025 - [Bitcoin Reserves Won't Secure America's Future—Only A Platform Play Will](https://www.forbes.com/sites/christiancatalini/2025/02/06/bitcoin-reserves-wont-secure-americas-future-only-a-platform-play-will/) — Christian Catalini. Forbes, February 2025 - [The Internet Of Money Wants To Be Free](https://www.forbes.com/sites/christiancatalini/2025/01/16/the-internet-of-money-wants-to-be-free/) — Christian Catalini. Forbes, January 2025 - [Should the United States Implement a Bitcoin Strategic Reserve?](https://a16zcrypto.com/posts/article/bitcoin-strategic-reserve/) — Christian Catalini. a16z crypto, January 2025 - [How The SEC's Attack On NFTs Harms Creators](https://www.forbes.com/sites/digital-assets/2024/08/29/how-the-secs-attack-on-nfts-harms-creators/) — Christian Catalini. Forbes, August 2024 - [Is Crypto's Killer App Finally Here?](https://www.forbes.com/sites/christiancatalini/2024/02/19/is-cryptos-killer-app-finally-here/) — Christian Catalini. Forbes, February 2024 - [Do Crypto Prices Actually Mean Anything?](https://hbr.org/2023/01/do-crypto-prices-actually-mean-anything) — Christian Catalini, Jane Wu. Harvard Business Review, January 2023 - [How Digital Currencies Can Help Small Businesses](https://hbr.org/2022/05/how-digital-currencies-can-help-small-businesses) — Shai Bernstein, Christian Catalini. Harvard Business Review, May 2022 - [Can Web3 Bring Back Competition to Digital Platforms?](https://catalini.com/s/Can-Web3-Bring-Back-Competition-to-Digital-Platforms.pdf) — Christian Catalini. Competition Policy International, March 2022 - [DeFi, Disintermediation, and the Regulatory Path Ahead](https://www.theregreview.org/2021/05/10/massari-catalini-defi-disintermediation-regulatory-path-ahead/) — Jai Massari, Christian Catalini. The Regulatory Review, May 2021 - [Bitcoin and Beyond](https://www.project-syndicate.org/onpoint/bitcoin-and-new-digital-ledger-applications-by-christian-catalini-et-al-2021-04) — Christian Catalini. Project Syndicate, April 2021 ## Artificial Intelligence - [Some Simple Economics of AGI](https://blockchain.mit.edu/research/some-simple-economics-of-agi.md) — working paper - [Intelligence Wants to Be Free](https://catalini.substack.com/p/intelligence-wants-to-be-free) — Christian Catalini. Substack, June 2026 - [Where Self-Improving AI is the Beginning of Infinity (And Where It Hits a Wall)](https://catalini.substack.com/p/where-self-improving-ai-is-the-beginning) — Christian Catalini. Substack, June 2026 - [Bot Chargebacks, Voyages, and AI Liability](https://www.koreaherald.com/article/10760547) — Christian Catalini. The Korea Herald, June 2026 - [What Gets Measured, AI Will Automate](https://hbr.org/2025/06/what-gets-measured-ai-will-automate) — Christian Catalini, Jane Wu, Kevin Zhang. Harvard Business Review, June 2025 - [Can Crypto's Scarcity Tame AI's Infinite Abundance?](https://www.forbes.com/sites/christiancatalini/2024/12/19/can-cryptos-scarcity-tame-ais-infinite-abundance/) — Christian Catalini. Forbes, December 2024 - [Decentralizing AI—Big Dreams, Bigger Hype?](https://www.forbes.com/sites/christiancatalini/2024/11/26/ai-and-crypto-part-i-decentralizing-ai-big-dreams-bigger-hype/) — Christian Catalini. Forbes, November 2024 ## Earlier articles - [Why Blockchain Can Be Good For Competition](https://www.forbes.com/sites/christiancatalini/2017/10/30/why-blockchain-can-be-good-for-competition/) — Christian Catalini. Forbes, October 2017 - [Seeing Beyond the Blockchain Hype](https://sloanreview.mit.edu/article/seeing-beyond-the-blockchain-hype/) — Christian Catalini, Paul Michelman. MIT Sloan Management Review, May 2017 - [How Blockchain Technology Will Impact the Digital Economy](https://blogs.law.ox.ac.uk/business-law-blog/blog/2017/04/how-blockchain-technology-will-impact-digital-economy) — Christian Catalini. Oxford Business Law Blog, April 2017 - [The Firm as a Nexus of Smart Contracts? How Blockchain and Cryptocurrencies Can Transform the Digital Economy](https://www.yalejreg.com/nc/the-firm-as-a-nexus-of-smart-contracts-how-blockchain-and-cryptocurrencies-can-transform-the-digital-economy-by-christian-catalini/) — Christian Catalini. Yale Journal on Regulation — Notice & Comment, April 2017 - [How Blockchain Applications Will Move Beyond Finance](https://hbr.org/2017/03/how-blockchain-applications-will-move-beyond-finance) — Christian Catalini. Harvard Business Review, March 2017 Subscribe: https://catalini.substack.com/