Time-bound stablecoins are DeFi assets that temporarily tokenize traditional securities during market off-hours, enabling continuous cross-market liquidity. We introduce the Liquidity-of-Time Premium (TLP): the extra return or cost of providing liquidity when the primary market is closed. We build a no-arbitrage pricing model that yields a band for fair values over different expiries, and a dynamic risk-control mechanism that adjusts loan-to-value (LTV) ratios in real time to keep TLP within a target range. Our analysis blends financial engineering (no-arbitrage conditions, option-style pricing) with empirical finance (event studies on cross-listed stocks and futures) to measure TLP under time-zone frictions. We define TLP formally, derive closed-form expressions for its term structure under idealized assumptions, and simulate scenarios that vary volatility and collateralization. We then propose an LTV policy that raises or lowers collateral to expand or curtail time-bound stablecoin supply, analogous to a central bank adjusting rates to defend a peg. We outline empirical proxies for TLP, including ADR premiums, overseas index futures versus cash index divergence, and pre-market versus official close gaps. Results show that TLP grows with closure length and volatility, yet can be contained by adaptive LTV. We provide backtests and figures (term-structure curves, capital-efficiency versus tail-risk trade-offs, time-liquidity heatmaps) and discuss protocol design (vault structure, closing-price oracles, on-chain auction liquidations). The findings position time-bound stablecoins as a tool to reduce temporal market inefficiencies and inform future research and deployment.

翻译：时间绑定型稳定币是一种在传统证券市场休市期间暂时将证券代币化的DeFi资产，能够实现跨市场的持续流动性。本文提出"流动性时间溢价"概念，即主市场闭市期间提供流动性所需的额外收益或成本。我们构建了一个无套利定价模型，该模型可推导出不同到期日公允价值的波动区间；同时设计了一种动态风险控制机制，通过实时调整贷款价值比将流动性时间溢价维持在目标范围内。本研究融合金融工程学（无套利条件、期权式定价）与实证金融学（对交叉上市股票与期货的事件研究），在时区摩擦条件下度量流动性时间溢价。我们正式定义了流动性时间溢价，在理想化假设下推导出其期限结构的闭式解，并通过模拟不同波动率与抵押率的场景进行验证。进而提出一种贷款价值比调控策略，通过增减抵押品来扩张或收缩时间绑定型稳定币的供应量，其原理类似于央行通过调整利率来维持汇率挂钩。我们构建了流动性时间溢价的实证代理指标，包括美国存托凭证溢价、海外指数期货与现货指数偏离度、盘前交易与官方收盘价差等。研究结果表明：流动性时间溢价随闭市时长与波动率增长，但可通过自适应贷款价值比进行调控。本文提供回溯测试结果与可视化图表（期限结构曲线、资本效率与尾部风险的权衡关系、时间流动性热力图），并探讨协议设计要素（金库结构、收盘价格预言机、链上拍卖清算机制）。这些发现确立了时间绑定型稳定币作为降低时序性市场低效工具的地位，为未来研究与实际部署提供了理论依据。