Before revision:  In addition to the direct risk of instability, our dynamics results suggest a profitable economic attack during extreme events that can induce volatility in the `stable' asset . This attack additionally suggests ways in which stablecoins can cause perverse incentives for miners, posing risks to blockchain consensus.
After revision:  In addition to the direct risk of instability, our dynamics results suggest a profitable economic attack during extreme events that can induce volatility in the `stable' asset and cause perverse incentives for miners, posing risks to blockchain consensus.