Stablecoins in Retail Payment Systems: A Systematic Literature Review on Adoption, Regulation, and Financial Stability in Indonesia
Keywords:
Stablecoins, Indonesia, Digital Payments, CBDC, Financial Stability, Technology Acceptance ModelAbstract
This systematic literature review examines stablecoin adoption in Indonesia's retail payment systems, analyzing regulatory frameworks and financial stability implications based on 65 studies published between 2024 and 2026. Following PRISMA guidelines, the review synthesizes literature from SciSpace, Google Scholar, Scopus, and institutional sources including Bank Indonesia. Key findings indicate stablecoin adoption is driven by perceived transaction efficiency, cost reduction, and financial inclusion potential, aligning with Technology Acceptance Model constructs. Regulatory analysis reveals Indonesia faces critical policy choices between centralized Central Bank Digital Currency implementation and regulated private stablecoin ecosystems. Financial stability risks include liquidity disruption, altered deposit dynamics, and monetary sovereignty challenges from shadow currency effects. The Digital Rupiah emerges as a strategic policy response to maintain monetary control while enabling innovation. Research gaps persist in empirical TAM studies specific to Indonesia, quantitative stress testing of payment systems, and QRIS integration assessments. Policy recommendations emphasize strengthening BI-OJK coordination, developing frameworks inspired by EU MiCA standards, and implementing robust consumer protection mechanisms.
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