Mapping the Stablecoin Ecosystem: Taxonomy, Stakeholders, and Systemic Interdependencies
Contributions to Finance and Accounting, Springer Nature, ss.169-187, 2026
- Yayın Türü: Kitapta Bölüm / Araştırma Kitabı
- Basım Tarihi: 2026
- Doi Numarası: 10.1007/978-3-032-22946-5_13
- Yayınevi: Springer Nature
- Sayfa Sayıları: ss.169-187
- Anahtar Kelimeler: Ecosystem map, Governance, Stablecoin ecosystem, Stablecoin taxonomy, Stakeholders
- İstanbul Üniversitesi Adresli: Evet
Özet
The stablecoin ecosystem has emerged as a critical bridge between traditional financial systems and the tokenized money market; however, “stablecoin” remains a “dangerously simple label” that obscures the complexity of fundamentally different financial products and risks. While existing literature extensively covers pricing mechanisms and regulatory frameworks, there remains a notable absence of research examining the ecosystem holistically, leaving regulators and financial institutions to “fly blind” regarding the true nature of their exposure. This chapter addresses this gap by establishing a comprehensive taxonomy and conceptual framework that transforms the stablecoin ecosystem from an abstract niche concept into a structured, analyzable part of the global financial system. By categorizing assets based on economic function, distinguishing between fiat-backed claims and algorithmic instruments, and mapping the functional roles of stakeholders ranging from issuers and custodians to oracles and infrastructure providers, this framework provides the “common language” necessary for effective risk assessment and policy formulation. The analysis further describes the complex interdependencies among these participants, such as the issuer-oracle dependency for collateral valuation and the liquidity feedback loops between exchanges and issuers. Ultimately, this chapter argues that a precise ecosystem definition is the prerequisite for mitigating systemic risk, enabling institutional business strategies, and fostering a transparent environment where users can accurately distinguish between secure assets and speculative instruments.