<![CDATA[Stablecoins have transformed from crypto-trading instruments into mainstream payment and financial infrastructure in the post-regulation era. This study analyzes the impact of global regulatory fragmentation (the United States GENIUS Act and the European Union MiCA) on legal uncertainty in Indonesia, evaluates financial stability risks, examines integration challenges with traditional finance, and assesses how US dollar-pegged stablecoins reinforce the exorbitant privilege of the US dollar against Rupiah sovereignty. A mixed-methods approach was applied, integrating a Systematic Literature Review of 52 publications (2016–2026), comparative regulatory analysis, time-series analysis of market data from 2014–2026, and normative risk evaluation based on the Basel III framework and the FSB Crypto-Asset Framework. Findings identify three key regulatory uncertainty areas, five critical financial-stability risk patterns, three interoperability barriers, and USD-pegged stablecoin dominance exceeding 90 percent of the global market. The study proposes a four-pillar Stablecoin Integration Policy Framework (MKIS) covering regulatory harmonization, systemic risk mitigation, interoperability infrastructure, and monetary sovereignty protection, intended as a policy reference for Indonesia's financial authorities.]]>
Copyrights © 2026
