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Stablecoins have long since become more than just a crypto phenomenon: they are shaping the architecture of the future digital financial system—offering promising opportunities, but also risks that should not be underestimated. This has important implications for entrepreneurs and investors—but also for Europe’s future role.
In a short period of time, stablecoins have evolved from a niche instrument popular among crypto enthusiasts into a systemically important component of the global financial infrastructure – as evidenced by monthly transaction volumes in the trillions and a current market capitalization of approximately $300 billion.
As blockchain-based units of currency, stablecoins form the monetary foundation of the emerging “token economy”: They enable programmable real-time transaction settlement and link digital financial markets with existing money and capital market structures.
In doing so, stablecoins assume a central intermediary role between tokenized assets, international payments, and monetary policy as well as geo-economic aspects.
The FERI Cognitive Finance Institute study (available in German) “Stablecoins – Wie tokenisiertes Geld die globale Finanzarchitektur verändert“ provides a comprehensive analysis of this development and demonstrates:
• why stablecoins are becoming a central element of tokenized financial systems,
• how they are fundamentally transforming payment systems, money markets, and treasury structures,
• what risks arise from market and issuer concentration, regulation, and potential de-pegging events,
• why USD-denominated stablecoins reinforce the dominance of the dollar—and what implications this has for Europe.
The study is aimed at anyone who wants to understand how programmable money will shape the financial infrastructure of the coming years and what strategic directions are already becoming apparent today. A short version of the study is available in German in the download section on this page.