Determinants of Stablecoin Holdings: Evidence from a Conjoint Experiment

Last registered on March 19, 2026
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Pre-Trial

Trial Information

General Information

Title
Determinants of Stablecoin Holdings: Evidence from a Conjoint Experiment
RCT ID
AEARCTR-0018095
Initial registration date
March 13, 2026

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
March 19, 2026, 12:02 PM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

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Primary Investigator

Name
Yoshiyuki Nakazono
Affiliation
Yokohama City University
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Other Primary Investigator(s)

PI Name
Jun Takahashi
PI Affiliation
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PI Name
Kento Tango
PI Affiliation
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Additional Trial Information

Status
In development
Start date
2026-04-02
End date
2026-04-08
Keywords
Finance & Microfinance
Additional Keywords
JEL code(s)
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
This study investigates the primary motivations for stablecoin adoption among households in Japan, particularly in the context of a rapidly evolving regulatory landscape. Despite the increasing prevalence of dollar-linked digital assets, empirical evidence remains limited regarding whether consumers view these assets as speculative investments or as functional alternatives to traditional banking for payments and remittances. Building on the recent implementation of the GENIUS Act of 2025, which established a federal framework for stablecoin reserves, this research utilizes a comprehensive survey to analyze household behavior. We examine key drivers such as transaction cost reduction, 24/7 settlement speeds, and the role of stablecoins in the "gig economy" for income receipt. Furthermore, the study explores how legal clarity and the perceived safety of "digital cash" influence the transition from crypto-native users to broader demographic segments, including the underbanked.
External Link(s)

Registration Citation

Citation
Nakazono, Yoshiyuki, Jun Takahashi and Kento Tango. 2026. "Determinants of Stablecoin Holdings: Evidence from a Conjoint Experiment." AEA RCT Registry. March 19. https://doi.org/10.1257/rct.18095-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
Intervention Start Date
2026-04-02
Intervention End Date
2026-04-08

Primary Outcomes

Primary Outcomes (end points)
The primary outcome of this study is the stated preference and adoption intent for stablecoins.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
This study employs a conjoint analysis framework to identify the key drivers of stablecoin adoption. Participants engage in a conjoint choice experiment, choosing between two stablecoins with randomized attributes—such as transaction costs and settlement speeds—to reveal their underlying preferences.
Experimental Design Details
Not available
Randomization Method
Randomization is conducted by a third-party survey provider using a computer-generated algorithm integrated into their online platform.
Randomization Unit
To ensure the sample is representative of the Japanese household population, we employ stratified randomization (quota sampling) across 10 distinct strata. These strata are defined by gender (male and female) and five age cohorts in 10-year increments, ranging from 20 to 69 years old (i.e., 20s, 30s, 40s, 50s, and 60s). The cell proportions are aligned with the latest Japan Census data.

This is a pure conjoint experiment designed to estimate the marginal utility of stablecoin attributes. As such, there are no traditional "Treatment" and "Control" arms. Instead, the "treatment" consists of the randomized variation of attributes (e.g., transaction fees, settlement speeds) presented to each individual respondent across multiple choice tasks.

By analyzing how these randomized attribute levels influence participant choices, we identify the causal drivers of adoption without the need for a separate control group. All 1,000 participants engage in the same task structure, where the within-subject variation of profiles serves as the basis for causal inference.
Was the treatment clustered?
Yes

Experiment Characteristics

Sample size: planned number of clusters
0 (Note: Randomization is performed at the individual level, not at the cluster level.)
Sample size: planned number of observations
The planned sample size is 1,000 individuals, with approximately 100 participants recruited for each of the 10 demographic strata (gender and age cohorts).
Sample size (or number of clusters) by treatment arms
The planned sample size is 1,000 individuals, with approximately 100 participants recruited for each of the 10 demographic strata (gender and age cohorts).
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
Yokohama City University
IRB Approval Date
2026-03-13
IRB Approval Number
N/A
Analysis Plan