Silent Financial Revolution or Looming Crisis? A Four-Pillar Analysis of Stablecoins in Indonesia

Abstract

This study conducts a Systematic Literature Review (SLR) to examine the technological and monetary dimensions of stablecoin adoption, with a particular focus on its implications for emerging markets such as Indonesia. Based on 25 peer-reviewed articles published between 2021 and 2025, the research synthesizes scholarly insights into four pillars: technological design, monetary impact, adoption factors, and regulatory frameworks. The findings reveal that stablecoin provide both opportunities and challenges enabling cost-efficient digital payments and financial inclusion, while simultaneously raising concerns over monetary sovereignty, liquidity risks, and regulatory ambiguity. The study highlights the critical role of technology readiness, reserve transparency, and legal clarity in shaping adoption outcomes. A focused case study on IDRX, an Indonesian rupiah-pegged stablecoin, is used to evaluate its design architecture, regulatory posture, and potential integration into digital financial ecosystems. The results underscore the need for a function-based regulatory framework, cross-sectoral coordination, and policy innovation to support the safe deployment of stablecoin in Indonesia. This research contributes to the broader discourse on digital money by contextualizing global stablecoin debates within Indonesia’s unique institutional, technological, and monetary environment.