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A Systematic Literature Review of Empirical Research on Stablecoins

Author

Listed:
  • Lennart Ante

    (Blockchain Research Lab gGmbH, Weidestraße 120b, 22083 Hamburg, Germany)

  • Ingo Fiedler

    (Blockchain Research Lab gGmbH, Weidestraße 120b, 22083 Hamburg, Germany
    Faculty of Arts and Science, Concordia University, Montreal, QC H3G 1M8, Canada)

  • Jan Marius Willruth

    (Blockchain Research Lab gGmbH, Weidestraße 120b, 22083 Hamburg, Germany)

  • Fred Steinmetz

    (Blockchain Research Lab gGmbH, Weidestraße 120b, 22083 Hamburg, Germany
    Faculty of Business, Economics and Social Sciences, Universität Hamburg, Von-Melle-Park 5, 20146 Hamburg, Germany)

Abstract

This study reviews the current state of empirical literature on stablecoins. Based on a sample of 22 peer-reviewed articles, we analyze statistical approaches, data sources, variables, and metrics, as well as stablecoin types investigated and future research avenues. The analysis reveals three major clusters: (1) studies on the stability or volatility of different stablecoins, their designs, and safe-haven-properties, (2) the interrelations of stablecoins with other crypto assets and markets, specifically Bitcoin, and (3) the relationship of stablecoins with (non-crypto) macroeconomic factors. Based on our analysis, we note future research should explore diverse methodological approaches, data sources, different stablecoins, or more granular datasets and identify five topics we consider most significant and promising: (1) the use of stablecoins in emerging markets, (2) the effect of stablecoins on the stability of currencies, (3) analyses of stablecoin users, (4) adoption and use cases of stablecoins outside of crypto markets, and (5) algorithmic stablecoins.

Suggested Citation

  • Lennart Ante & Ingo Fiedler & Jan Marius Willruth & Fred Steinmetz, 2023. "A Systematic Literature Review of Empirical Research on Stablecoins," FinTech, MDPI, vol. 2(1), pages 1-14, January.
    • Handle: RePEc:gam:jfinte:v:2:y:2023:i:1:p:3-47:d:1026296
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    References listed on IDEAS

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    Cited by:

    1. Voicu D. Dragomir & Valentin Florentin Dumitru, 2023. "Recognition and Measurement of Crypto-Assets from the Perspective of Retail Holders," FinTech, MDPI, vol. 2(3), pages 1-17, August.
    2. Casey Watters, 2023. "When Criminals Abuse the Blockchain: Establishing Personal Jurisdiction in a Decentralised Environment," Laws, MDPI, vol. 12(2), pages 1-16, April.

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