A Systematic Literature Review of Empirical Research on Stablecoins

Lennart Ante, Ingo Fiedler, Jan Marius Willruth and Fred Steinmetz
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Ingo Fiedler: Blockchain Research Lab gGmbH, Weidestraße 120b, 22083 Hamburg, Germany
Jan Marius Willruth: Blockchain Research Lab gGmbH, Weidestraße 120b, 22083 Hamburg, Germany
Fred Steinmetz: Blockchain Research Lab gGmbH, Weidestraße 120b, 22083 Hamburg, Germany

FinTech, 2023, vol. 2, issue 1, 1-14

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.

Keywords: stable coin; stablecoin; tether; bitcoin; cryptocurrency; cash (search for similar items in EconPapers)
JEL-codes: C6 F3 G O3 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jfinte:v:2:y:2023:i:1:p:3-47:d:1026296

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