The legal perspective of stablecoin

This study deals with stablecoins as a type of crypto assets. Stablecoins are crypto assets that aim to maintain a stable value relative to a specific currency, asset, or basket of currencies and/or assets. Stablecoins, which are designed as a solution to the sensitive and volatile structures of early crypto assets such as Bitcoin and have the potential to be used as a means of payment and exchange, contain some scale-independent and scale-related risks, as well as speed, cost and efficiency benefits to the financial system. Stablecoins, which have many regulatory challenges such as uncertainty of risk and benefit, design diversity, multiplicity of participants, and jurisdictional uncertainty, have been the subject of regulatory studies in various jurisdictions, especially international organizations, by handling them in different ways. The principle of the same risk, the same rules on which financial regulations are based, and the similarity it shows with the instruments within the scope of existing banking law, payment services and electronic money law and capital market law have made it necessary to evaluate stablecoins within this framework as well. Stablecoins, together with the projects developed by technology companies that want to enter the financial ecosystem and hold a large database, have attracted the attention of international regulators and revealed the need for urgent regulation.