Abstract
As blockchain technology develops and advances, stablecoins, a new class of cryptocurrency, is attracting interest around the world. However, few studies have examined stablecoins from the perspective of business ethics. In this study, we examine the ethical issues of blockchain technology and stablecoins, as well as the potential impact of stablecoin applications from a business ethics perspective. We review the characteristics and classifications of blockchain technology and stablecoins and investigate their relationship with business ethics and risk. We analyze stablecoins using a multi-layered and multi-dimensional framework based on anticipatory technology ethics (ATE) framework focusing on the technology, artefacts, and application level of stablecoins. We also discuss the moral good, bad, and ambivalence of stablecoins, considering these questions in the context of individuals, corporations, and systems. We identify the risks associated with stablecoins and suggest possible ways to mitigate them, as well as proposing future research directions related to stablecoin applications.
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