TY - GEN
T1 - Security Perceptions of Users in Stablecoins
T2 - 46th IEEE Symposium on Security and Privacy, SP 2025
AU - Guan, Maggie Yongqi
AU - Yu, Yaman
AU - Sharma, Tanusree
AU - Huang, Molly Zhuangtong
AU - Qin, Kaihua
AU - Wang, Yang
AU - Wang, Kanye Ye
N1 - We thank our participants for their contributions. This work was in part supported by the Science and Technology Development Fund (FDCT) of Macau SAR (File No. 0014/2022/AFJ, No. 0129/2022/A and No. 0078/2023/AMJ), and the University of Macau (File No. SRG2022-00032-FST and No. MYRG-GRG2024-00052-FST).
PY - 2025
Y1 - 2025
N2 - Stablecoins, a type of cryptocurrency pegged to another asset to maintain a stable price, have become an important part of the cryptocurrency ecosystem. Prior studies have primarily focused on examining the security of stablecoins from technical and theoretical perspectives, with limited investigation into users' risk perceptions and security behaviors in stablecoin practices. To address this research gap, we conducted a mixed-method study that included constructing a stablecoin interaction framework based on the literature, which informed the design of our interview protocol, semi-structured interviews (n=21), and Reddit data analysis (9,326 posts). We found that participants see stable value and regulatory compliance as key security advantages of stablecoins over other cryptocurrencies. However, participants also raised concerns about centralization risks in fiat-backed stablecoins, perceived challenges in crypto-backed stablecoins due to limited reliance on fully automated execution, and confusion regarding the complex mechanisms of algorithmic stablecoins. We proposed improving user education and optimizing mechanisms to address these concerns and promote the safer use of stablecoins.
AB - Stablecoins, a type of cryptocurrency pegged to another asset to maintain a stable price, have become an important part of the cryptocurrency ecosystem. Prior studies have primarily focused on examining the security of stablecoins from technical and theoretical perspectives, with limited investigation into users' risk perceptions and security behaviors in stablecoin practices. To address this research gap, we conducted a mixed-method study that included constructing a stablecoin interaction framework based on the literature, which informed the design of our interview protocol, semi-structured interviews (n=21), and Reddit data analysis (9,326 posts). We found that participants see stable value and regulatory compliance as key security advantages of stablecoins over other cryptocurrencies. However, participants also raised concerns about centralization risks in fiat-backed stablecoins, perceived challenges in crypto-backed stablecoins due to limited reliance on fully automated execution, and confusion regarding the complex mechanisms of algorithmic stablecoins. We proposed improving user education and optimizing mechanisms to address these concerns and promote the safer use of stablecoins.
KW - blockchain
KW - cryptocurrency
KW - security
KW - stablecoin
UR - https://www.scopus.com/pages/publications/105009341037
UR - https://www.scopus.com/pages/publications/105009341037#tab=citedBy
U2 - 10.1109/SP61157.2025.00042
DO - 10.1109/SP61157.2025.00042
M3 - Conference contribution
AN - SCOPUS:105009341037
T3 - Proceedings - IEEE Symposium on Security and Privacy
SP - 2753
EP - 2771
BT - Proceedings - 46th IEEE Symposium on Security and Privacy, SP 2025
A2 - Blanton, Marina
A2 - Enck, William
A2 - Nita-Rotaru, Cristina
PB - Institute of Electrical and Electronics Engineers Inc.
Y2 - 12 May 2025 through 15 May 2025
ER -