From Fiat Currencies to Stablecoins
Edited by
Selim Yazıcı · C. Coşkun Küçüközmen · Michael Salmony
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This book offers a holistic approach to understanding the “Why,” “What,” and “How” of tokenized money — examining its necessity, functionality, and implementation across the global financial system.
It covers Central Bank Digital Currencies (CBDCs), private stablecoins, decentralized finance (DeFi), and regulatory frameworks, with global case studies from Asia, Europe and beyond.
Critical insights are provided including opposing views, risks, and the broader impact of digital money on financial stability, sovereignty, and innovation.
Practical use cases, adoption strategies, and real-world implementation insights.
Governance, legal frameworks, and global regulatory practices for digital money.
Case studies: e-CNY, Cambodia’s Bakong, Japan’s DCJPY, Digital Euro and more.
A structured framework for fintech, monetary policy, and digital finance courses.
Scholars, practitioners, and policy experts from leading institutions across the globe.
University of Bern
European Central Bank
DZ Bank AG
Independent Consultant
TUD Dresden & GNU Taler
Universal Hukuk
İnted Ltd.
University of Copenhagen
European Central Bank
University of Oxford
Morozzi Creative Lab
Research, commentary and insights from the editorial team and the wider tokenisation community.

ISBN 978-3-032-22945-8 · Springer
Available from leading academic and retail booksellers worldwide. Published in the Contributions to Finance and Accounting series.
For bulk orders, academic use, media inquiries, or speaking engagements — reach out to the editorial team directly.

Selim Yazıcı is Professor of Management and Strategy at Istanbul University, Faculty of Political Sciences. His research spans FinTech, InsurTech, Entrepreneurship, Platform Economies, and Decentralized Autonomous Organizations (DAOs).
He is co-founder of FinTech Istanbul and designed Turkey’s first “FinTech 101 Training Program.” He has been Adjunct Professor at Özyeğin and Sabancı Universities on Financial Technologies. Between 2018–2024 he served on the Boards of İş Leasing and İş Girişim (İş Bank Group), chairing Audit and Corporate Governance Committees.
He is the author of Learning Organizations (2001), Business Continuity Management (2013), and editor of FinTech & InsurTech ile Finansın Dönüşümü (2021). Member of the Academy of International Business (AIB).

C. Coşkun Küçüközmen is Professor of Banking, Trade and Finance at the Department of International Trade and Finance, Izmir University of Economics. He began his career at the Central Bank of Turkey in 1986.
He received his MSc in Banking from Loughborough University (UK) on a Jean Monnet scholarship, and his PhD from Exeter University (UK) on the distribution of equity returns and Value-at-Risk, where he also taught in the MBA banking program.
He served as Deputy Head of Risk Management at the Banking Regulation and Supervision Agency (BRSA) of Turkey (2000–2005), taught at the Financial Stability Institute of the BIS (2002–2009), and at Middle East Technical University (2001–2012). He has over 550 international academic citations.

Dr. Michael Salmony is an internationally recognised leader on digital financial services innovation: Payments, Open Finance, FinTech, Digital Identity, and CBDC. He holds a PhD in Computer Science from the University of Cambridge (first-class honours).
He is a board-level advisor to major international banks, the European Commission, ECB, European Parliament, and central banks worldwide. For a decade he served as Executive Adviser to the Board of Worldline Financial Services, which processes over €17 trillion per year.
He works with the World Bank in Central Asia, serves on the Advisory Board of Mastercard in Latin America, and teaches at the Oxford Business School on “AI in Fintech and Open Banking.” Fellow of the Royal Society of Arts (FRSA). His work has been translated into 12+ languages.