Stablecoins—digital currencies pegged to stable assets such as fiat currencies—have emerged as critical components within the broader cryptocurrency and decentralized finance (DeFi) ecosystem. They promise price stability while enabling fast, borderless, and programmable financial transactions. In recent years, the market for stablecoins has experienced rapid growth, yet it remains highly dynamic, shaped by technological innovation, shifting demand patterns, and evolving regulatory responses.

While significant research has focused on the technical architecture and regulatory classification of stablecoins, less is known about their actual development and adoption trajectories on market platforms over time. There is a lack of systematic insight into how stablecoins evolve, which types gain traction, and how design factors (e.g., collateralization, decentralization, interoperability) influence market success.

The goal of this thesis is to analyze the development of stablecoins by combining a comprehensive review of academic and practitioner literature with a quantitative assessment of market data from leading blockchain analytics platforms (e.g., CoinGecko, CoinMarketCap, Glassnode) / or a qualitative interview analysis of leading stablecoin providers. This includes tracking trends in volume, adoption, design models (e.g., fiat-backed, crypto-collateralized, algorithmic), and platform integration. The thesis aims to derive empirically grounded insights into which factors contribute to the successful adoption of stablecoins in different economic and technological contexts.

• A strong interest in financial technologies, digital currencies, or blockchain economics.
• Ideally, prior exposure to cryptocurrency markets or blockchain analytics tools.
• Strong analytical and quantitative / or qualitative reasoning skills.
• Familiarity with data collection and visualization tools (e.g., Python, R, Power BI) is beneficial. or / Familiarity with qualitative interview analysis
• Ability to work independently and synthesize complex information.
• Proficiency in English (written and spoken); German skills are a plus but not mandatory.

• The opportunity to contribute to a timely and high-impact research area with real-world relevance.
• The chance to engage with one of the most dynamic segments of the digital finance space.
• In-depth academic supervision, including guidance on quantitative methods and literature integration.
• The possibility to collaborate with blockchain observatories or analytics providers (optional).
• Flexible start date; the thesis is expected to be completed within ±6 months.
• Potential for your findings to be published or presented in academic or industry settings.

If you are ready to take on this challenging and rewarding project, please apply with:

• Your CV.
• Academic transcripts.
• A proposed timeline for the thesis.
• A motivation letter (max. 200 words), expressing your interest in explorative research on stabelcoins.