Perbandingan stablecoin dan retail CBDC dalam pembayaran ritel: Systematic literature review berbasis PRISMA 2020 dan implikasi kebijakan untuk Indonesia
DOI:
https://doi.org/10.53088/jerps.v6i2.3071Keywords:
Stablecoin, Retail CBDC, Retail Payment Systems, PRISMA 2020Abstract
The rise of stablecoins and retail CBDCs has intensified debate over their roles in retail payment systems. This systematic literature review compares the drivers and barriers to stablecoin and CBDC adoption, examines their competitive and complementary dimensions, and evaluates their relationship with fast payment systems, financial stability, and policy design, particularly in Indonesia’s Digital Rupiah agenda. Following PRISMA 2020 guidelines, we reviewed literature from Scopus, Web of Science, ScienceDirect, SSRN/arXiv, and repositories of the BIS, IMF, World Bank, and central banks from 2017–2025. After screening and quality appraisal, ten studies were synthesized. Findings indicate that stablecoins provide cost efficiency, settlement speed, interoperability, and cross-border payment advantages, but raise concerns regarding reserves, value stability, consumer protection, AML/CFT, and monetary sovereignty. Retail CBDCs offer trust, legal certainty, and policy integration, although they must deliver added value beyond fast payment systems while addressing privacy and disintermediation risks. The study concludes that both are competitive and complementary in retail payments.
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