N°26-64: When Is Private Money Information-Sensitive? Evidence from Stablecoin Reserve Disclosures

Theories of private money predict that debt designed to circulate at par is information-insensitive: disclosure moves prices only where asymmetry about backing survives. We test this using a hand-collected calendar of 116 stablecoin reserve attestations by Tether and Circle, 2018-2026, in a panel with date and asset fixed effects. Tether's releases widen its peg deviation by roughly half relative to peers the same day, without abnormal volume or redemptions: repricing, not runs. Circle's releases move nothing on average, but do move its peg in months disclosing material reserve reallocations. Information sensitivity attaches to disclosure content, not issuer identity.