The business ethics of stablecoins

Purpose This study examines the ethical implications of stablecoins from the business ethics perspective. Specifically, this paper aims to construct an analytical framework to systematically examine the ethical challenges associated with stablecoins, identify various moral issues and risks arising from stablecoins and provide feasible solutions for relevant stakeholders. Design/methodology/approach This study employs framework development and conceptual analysis to construct a theoretically grounded framework for examining the business ethics of stablecoins. Findings In this paper, we develop a multi-layered and multi-dimensional framework, through which we analyze the business ethics of stablecoins at the technology and artifact levels and introduce the analysis at the individual, firm and system levels at the application layer. Specifically, we discuss the moral good, bad, ambivalence, and risks of stablecoins from the utilitarian perspective and propose potential ways to mitigate the risks of stablecoin applications and future research directions related to the ethical development of stablecoins. Originality/value This research not only provides theoretical support and practical guidance for the sound development of stablecoins but also offers systematic analytical methods and thinking paths for the ethical exploration of other emerging technologies.