Stablecoins: financial risks, vulnerabilities, and implications for the future internet — a systematic review

Introduction The evolution of the Internet toward increasingly decentralized infrastructures is reshaping economic, financial, and social interactions. In this context, stablecoins have gained relevance in digital transactions by offering a lower-volatility medium of exchange through fiat-backed mechanisms within the cryptoasset ecosystem. However, they also introduce financial and regulatory risks that may affect their stability and trustworthiness. Methods This study conducted a systematic literature review on stablecoins using the PRISMA methodology. A total of 122 primary studies indexed in Scopus and Web of Science were selected and analyzed to identify documented financial risks, regulatory vulnerabilities, and their implications for the future of the Internet. Results The findings show that fiat-backed stablecoins, particularly USDT and USDC, are the most frequently analyzed in the literature, followed by crypto-collateralized and algorithmic stablecoins. The most recurrent risks identified include market and liquidity risks, credit risks, and regulatory gaps linked to insufficient transparency and supervision. Discussion The results indicate that the growing integration of stablecoins into digital financial infrastructures could reinforce their relevance in future Internet environments, but also increase systemic vulnerabilities if oversight remains fragmented. Although the expansion of stablecoin use appears likely, clear and coordinated regulatory frameworks are needed to strengthen the stability, trust, and resilience of future digital infrastructures.