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Can Cryptocurrencies Be Green? The Role of Stablecoins Toward a Carbon Footprint and Sustainable Ecosystem

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  • Dimitrios Koemtzopoulos

    (Department of Accounting and Finance, University of Western Macedonia, GR50 100 Kozani, Greece)

  • Georgia Zournatzidou

    (Department of Business Administration, University of Western Macedonia, GR51 100 Grevena, Greece)

  • Nikolaos Sariannidis

    (Department of Accounting and Finance, University of Western Macedonia, GR50 100 Kozani, Greece)

Abstract

(1) Background: Cryptocurrencies have a substantial environmental impact. In particular, the mining procedure that is employed to produce and finalize the transaction is energy-intensive and generates carbon emissions. Consequently, the objective of the present investigation is to investigate the function of cryptocurrencies in a sustainable development. This research specifically investigates the function of stablecoins, a novel subject in finance and academia that has the potential to foster a sustainable business environment. (2) Methods: A bibliometric analysis was performed using the R statistical programming language together with the bibliometric tools Biblioshiny and VOSviewer to fulfill the research objective. Data were obtained from the Scopus database, and their selection was completed using the PRISMA methodology. (3) Results: The results of the current research highlight the crucial role of stablecoins in promoting an alternative decentralized financial sector, offering a unique opportunity for the market to create a more inclusive and environmentally friendly financial ecosystem. Moreover, research indicates that stablecoins might convert Ethereum into a stable currency and enhance their ecologically friendly path. (4) Conclusions: Stablecoins have become a crucial tool in the unpredictable bitcoin environment, offering stability in a tumultuous market. The research indicates that users need to acknowledge the sustainability of asset collateral, and so far, only the regulation of stablecoins is progressing in this area.

Suggested Citation

  • Dimitrios Koemtzopoulos & Georgia Zournatzidou & Nikolaos Sariannidis, 2025. "Can Cryptocurrencies Be Green? The Role of Stablecoins Toward a Carbon Footprint and Sustainable Ecosystem," Sustainability, MDPI, vol. 17(2), pages 1-17, January.
    • Handle: RePEc:gam:jsusta:v:17:y:2025:i:2:p:483-:d:1563848
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    References listed on IDEAS

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    1. Djogbenou, Antoine & Inan, Emre & Jasiak, Joann, 2023. "Time-varying coefficient DAR model and stability measures for stablecoin prices: An application to Tether," Journal of International Money and Finance, Elsevier, vol. 139(C).
    2. Manahov, Viktor & Li, Mingnan, 2024. "Stablecoins: New perspectives for travel and tourism," Annals of Tourism Research, Elsevier, vol. 107(C).
    3. Pascal Bruhn & Dietmar Ernst, 2022. "Assessing the Risk Characteristics of the Cryptocurrency Market: A GARCH-EVT-Copula Approach," JRFM, MDPI, vol. 15(8), pages 1-28, August.
    4. Georgia Zournatzidou & Christos Floros, 2023. "Hurst Exponent Analysis: Evidence from Volatility Indices and the Volatility of Volatility Indices," JRFM, MDPI, vol. 16(5), pages 1-15, May.
    5. Dionysopoulos, Lambis & Urquhart, Andrew, 2024. "10 years of stablecoins: Their impact, what we know, and future research directions," Economics Letters, Elsevier, vol. 244(C).
    6. Georgia Zournatzidou & George Sklavos & Konstantina Ragazou & Nikolaos Sariannidis, 2024. "Anti-Competition and Anti-Corruption Controversies in the European Financial Sector: Examining the Anti-ESG Factors with Entropy Weight and TOPSIS Methods," JRFM, MDPI, vol. 17(11), pages 1-18, October.
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    8. Zhang, Kun & Choi, Tsan-Ming & Chung, Sai-Ho & Dai, Yue & Wen, Xin, 2024. "Blockchain adoption in retail operations: Stablecoins and traceability," European Journal of Operational Research, Elsevier, vol. 315(1), pages 147-160.
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