{"id":2456,"date":"2020-09-09T12:16:26","date_gmt":"2020-09-09T09:16:26","guid":{"rendered":"https:\/\/www.paribu.com\/blog\/?post_type=glossary&#038;p=2456"},"modified":"2026-03-31T16:39:43","modified_gmt":"2026-03-31T13:39:43","slug":"stablecoin-nedir","status":"publish","type":"glossary","link":"https:\/\/www.paribu.com\/blog\/sozluk\/stablecoin-nedir\/","title":{"rendered":"Stablecoin nedir?"},"content":{"rendered":"<p>Stablecoin (stabil <span class=\"\" title=\"Paribu S&ouml;zl&uuml;k: Kripto para nedir?\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">kripto para<\/span>), genellikle de&#287;eri ba&#351;ka bir <span class=\"\" title=\"Paribu S&ouml;zl&uuml;k: Fiat para nedir?\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">fiat para<\/span> birimine ya da de&#287;erli bir varl&#305;&#287;a sabitlenmi&#351; bir kripto para t&uuml;r&uuml;d&uuml;r. Bu paralar, ABD dolar&#305;, di&#287;er kripto para birimleri, de&#287;erli metaller veya &uuml;&ccedil;&uuml;n&uuml;n bir kombinasyonu gibi fiat para birimlerine sabitlenebilir. En bilinen stablecoin&rsquo;lerden biri, de&#287;eri ABD dolar&#305;na e&#351;lenik olmas&#305; &ouml;ng&ouml;r&uuml;lerek olu&#351;turulan <span class=\" cmtt_Kripto Para\" title=\"Paribu S&ouml;zl&uuml;k: Tether (USDT) nedir?\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Tether<\/span>&rsquo;dir (USDT).<\/p>\n<p><iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/8ny_EdLu8Lw\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Stablecoin&rsquo;ler, kripto para birimi fiyatlar&#305;nda g&ouml;r&uuml;len do&#287;al fiyat dalgalanmas&#305;n&#305; gidermek i&ccedil;in tasarlanm&#305;&#351;t&#305;r ve teminatland&#305;r&#305;l&#305;rlar; yani dola&#351;&#305;mdaki toplam sabit para say&#305;s&#305;n&#305;n, yedekte tutulan varl&#305;klar taraf&#305;ndan desteklendi&#287;i anlam&#305;na gelir. Basit&ccedil;e s&ouml;ylemek gerekirse, dola&#351;&#305;mda 500.000 USD sabitlenmi&#351; para varsa, bir bankada en az 500.000 dolar olmal&#305;d&#305;r.<\/p>\n<p><span class=\" cmtt_Kripto Para\" title=\"Paribu S&ouml;zl&uuml;k: Bitcoin (BTC) nedir?\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Bitcoin<\/span>&rsquo;in a&#351;&#305;r&#305; ini&#351; ve &ccedil;&#305;k&#305;&#351;lar&#305;ndan muzdarip olan savunucular&#305;, stablecoin&rsquo;lerin kripto paralar&#305;n istikrars&#305;z bir yat&#305;r&#305;m arac&#305; olarak g&ouml;r&uuml;lmesini ortadan kald&#305;rd&#305;&#287;&#305;na inan&#305;yor. B&ouml;ylece stablecoin&rsquo;ler kripto paralar&#305; mal ve hizmet sat&#305;n almak i&ccedil;in daha kullan&#305;&#351;l&#305; hale getiriyor.<\/p>\n<h2><b>Stablecoin ne anlama gelir?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Bitcoin bir g&uuml;nde y&uuml;zde 20 de&#287;er kaybedebilir. Ayn&#305; &#351;ekilde <span class=\" cmtt_Kripto Para\" title=\"Paribu S&ouml;zl&uuml;k: Ethereum (ETH) nedir?\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Ethereum<\/span> bazen saatler i&ccedil;inde yar&#305; fiyat&#305;na d&uuml;&#351;ebilir. Stablecoin, kripto d&uuml;nyas&#305;n&#305;n bu <span class=\"\" title=\"Paribu S&ouml;zl&uuml;k: Volatilite nedir?\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">volatilite<\/span> sorununa do&#287;rudan bir yan&#305;t olarak tasarlanm&#305;&#351;t&#305;r. De&#287;erini dolar, euro veya alt&#305;n gibi ger&ccedil;ek bir varl&#305;&#287;a sabitler. B&ouml;ylece blokzincirin h&#305;z&#305;n&#305; ve &#351;effafl&#305;&#287;&#305;n&#305; korurken volatiliteyi en d&uuml;&#351;&uuml;k seviyede tutmay&#305; hedefler.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Baz&#305; stablecoin&rsquo;ler 1 ABD Dolar&#305;na e&#351;ittir. &Ouml;rne&#287;in 1 <a href=\"https:\/\/www.paribu.com\/markets\/usdt_tl\" target=\"_blank\" rel=\"noopener\">USDT<\/a> ya da 1 <a href=\"https:\/\/www.paribu.com\/markets\/usdc_tl\" target=\"_blank\" rel=\"noopener\"><span class=\" cmtt_Kripto Para\" title=\"Paribu S&ouml;zl&uuml;k: USD Coin (USDC) nedir?\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">USDC<\/span><\/a> yakla&#351;&#305;k 1 dolarl&#305;k de&#287;er ta&#351;&#305;r. Bu denge, ihra&ccedil; eden kurulu&#351;un tuttu&#287;u rezervler ya da <span class=\"\" title=\"Paribu S&ouml;zl&uuml;k: Ak&#305;ll&#305; s&ouml;zle&#351;me (smart contract) nedir?\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">ak&#305;ll&#305; s&ouml;zle&#351;me<\/span> mekanizmalar&#305; arac&#305;l&#305;&#287;&#305;yla korunur. Ancak stablecoin&rsquo;lerin sabitlendi&#287;i varl&#305;klar yaln&#305;zca dolarla s&#305;n&#305;rl&#305; de&#287;ildir. Baz&#305; projelerde alt&#305;n, euro veya ba&#351;ka kripto varl&#305;klar da referans al&#305;nabilir.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Stablecoin kavram&#305; ilk kez 2014 y&#305;l&#305;nda hayata ge&ccedil;mi&#351;tir. O d&ouml;nemde ama&ccedil;, kripto borsalar&#305;nda dolar yerine ge&ccedil;ebilecek, h&#305;zl&#305; ve ucuz bir de&#287;i&#351;im arac&#305; sunmak olarak belirlenmi&#351;tir. Zamanla bu kullan&#305;m &ccedil;ok daha geni&#351; bir alana yay&#305;lm&#305;&#351;t&#305;r. 2026 ba&#351;&#305;nda stablecoin piyasas&#305; t&uuml;m zamanlar&#305;n rekorunu k&#305;rarak 315 milyar dolar&#305; a&#351;m&#305;&#351;t&#305;r.<\/span><\/p>\n<h2><b>Stablecoin t&uuml;rleri nelerdir?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Stablecoin&rsquo;ler d&ouml;rt ana modelde &ccedil;al&#305;&#351;&#305;r. Bunlar fiat para destekli, kripto teminatl&#305;, emtia destekli ve algoritmik stablecoin&rsquo;lerdir. Her modelin farkl&#305; g&uuml;venlik profili ve risk yap&#305;s&#305; vard&#305;r.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hangi stablecoin&rsquo;in tercih edilebilece&#287;ini anlamak i&ccedil;in &ouml;nce bu farklar&#305; bilmek gerekir.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fiat para destekli: <\/b><span style=\"font-weight: 400;\">En yayg&#305;n modeldir. USDT ve USDC bu kategoride yer al&#305;r. &#304;hra&ccedil; eden kurulu&#351;, dola&#351;&#305;mdaki her <span class=\"\" title=\"Paribu S&ouml;zl&uuml;k: Token nedir?\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">token<\/span> kar&#351;&#305;l&#305;&#287;&#305;nda rezervinde dolar tutar. Varl&#305;&#287;&#305;n sabitli&#287;i <a href=\"https:\/\/www.paribu.com\/converter\/usdt-to-tl\" target=\"_blank\" rel=\"noopener\">USDT d&ouml;n&uuml;&#351;t&uuml;r&uuml;c&uuml;lerle<\/a> takip edilebilir.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Kripto teminatl&#305;:<\/b><span style=\"font-weight: 400;\"> DAI bu modelin en bilinen &ouml;rne&#287;idir. Teminat olarak ETH gibi kripto varl&#305;klar&#305; kullan&#305;r. Kripto varl&#305;klar&#305;n volatilitesine kar&#351;&#305; koruma sa&#287;lamak i&ccedil;in a&#351;&#305;r&#305; teminatland&#305;rma (overcollateralization) uygular. Bu da &ouml;rne&#287;in 100 dolar de&#287;erinde DAI i&ccedil;in 150 dolar de&#287;erinde ETH kilitlenmesi gerekti&#287;i anlam&#305;na gelebilir.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Emtia destekli:<\/b><span style=\"font-weight: 400;\"> PAX Gold (PAXG) gibi varl&#305;klar alt&#305;n fiyat&#305;na sabitlidir. B&ouml;ylece emtia fiyatlar&#305;ndaki de&#287;i&#351;imler stablecoin de&#287;erine do&#287;rudan yans&#305;r.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Algoritmik stablecoin:<\/b><span style=\"font-weight: 400;\"> Rezerv tutmadan, arz-talep dengesini ak&#305;ll&#305; s&ouml;zle&#351;melerle y&ouml;neten modeldir. &Ccedil;&ouml;k&uuml;&#351; ya&#351;am&#305;&#351; olsa da TerraUSD (UST) hala bu modelin en &ouml;nemli &ouml;rneklerinden biridir.&nbsp;<\/span><\/li>\n<\/ul>\n<h2><b>Stablecoin nas&#305;l &ccedil;al&#305;&#351;&#305;r?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">&#304;tibari para destekli bir stablecoin&rsquo;in &ccedil;al&#305;&#351;ma mant&#305;&#287;&#305;, kullan&#305;c&#305;n&#305;n 100 dolar yat&#305;r&#305;p kar&#351;&#305;l&#305;&#287;&#305;nda 100 USDT almas&#305;yla &ouml;zetlenebilir. &#304;hra&ccedil; eden kurum bu 100 dolar&#305; rezervinde tutar. Kullan&#305;c&#305; token&rsquo;&#305;n&#305; satmak istedi&#287;inde ayn&#305; tutar&#305; geri alabilir.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bu s&uuml;re&ccedil;te <span class=\"\" title=\"Paribu S&ouml;zl&uuml;k: Blokzincir (blockchain) nedir?\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">blokzincir<\/span> altyap&#305;s&#305;, &#351;effafl&#305;&#287;&#305; ve <span class=\"\" title=\"Paribu S&ouml;zl&uuml;k: &#304;&#351;lem (transaction) nedir?\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">i&#351;lem<\/span> h&#305;z&#305;n&#305; sa&#287;lar. T&uuml;m transfer kay&#305;tlar&#305; halka a&ccedil;&#305;k da&#287;&#305;t&#305;k defterde g&ouml;r&uuml;lebilir.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bir stablecoin&rsquo;in fiyat&#305;n&#305; sabitleyen temel mekanizma <span class=\"\" title=\"Paribu S&ouml;zl&uuml;k: Arbitraj nedir ve nas&#305;l yap&#305;l&#305;r?\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">arbitraj<\/span> &uuml;zerine kuruludur. &Ouml;rne&#287;in dolar sabitli bir stablecoin&rsquo;de varl&#305;k 1 dolar&#305;n alt&#305;na d&uuml;&#351;erse arbitrajc&#305;lar varl&#305;&#287;&#305; sat&#305;n al&#305;p teminat kar&#351;&#305;l&#305;&#287;&#305;nda satabilir. Burada olu&#351;an al&#305;m bask&#305;s&#305; fiyat&#305; tekrar 1 dolara &ccedil;eker.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kripto teminatl&#305; modellerde ak&#305;ll&#305; s&ouml;zle&#351;meler &ccedil;e&#351;itli varl&#305;klar&#305; kullanarak bu dengeyi otomatik kurar. Algoritmik modellerde ise arz azalt&#305;l&#305;p art&#305;r&#305;larak fiyat kontrol edilmeye &ccedil;al&#305;&#351;&#305;l&#305;r. Bu son model tarihsel olarak en riskli olan&#305; olarak bilinir.<\/span><\/p>\n<h2><b>Stablecoin neden kullan&#305;l&#305;r?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Stablecoin&rsquo;lerin bu kadar h&#305;zl&#305; b&uuml;y&uuml;mesinin arkas&#305;nda birden fazla pratik neden bulunabilir.&nbsp;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Volatiliteden korunma: <\/b><span style=\"font-weight: 400;\">Kripto piyasas&#305;nda ani d&uuml;&#351;&uuml;&#351; ya&#351;and&#305;&#287;&#305;nda yat&#305;r&#305;mc&#305;lar varl&#305;klar&#305;n&#305; stablecoin&rsquo;e &ccedil;evirerek de&#287;er kayb&#305;n&#305; azaltmay&#305; ama&ccedil;layabilir.&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Merkeziyetsiz finans (DeFi) protokolleri: <\/b><span style=\"font-weight: 400;\">Bor&ccedil; verme, staking ve <span class=\"\" title=\"Paribu S&ouml;zl&uuml;k: Likidite nedir?\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">likidite<\/span> sa&#287;lama gibi DeFi uygulamalar&#305;nda stablecoin&rsquo;ler teminat olarak kullan&#305;labilir.&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Enflasyona kar&#351;&#305; dolara eri&#351;im: <\/b><span style=\"font-weight: 400;\">T&uuml;rkiye, Arjantin ve Nijerya gibi yerel para biriminin de&#287;er kaybetti&#287;i &uuml;lkelerde stablecoin kullan&#305;m&#305; h&#305;zla artabilir. &Ouml;rne&#287;in Visa&rsquo;n&#305;n 2024&rsquo;te be&#351; &uuml;lkede yapt&#305;&#287;&#305; ara&#351;t&#305;rmaya g&ouml;re kripto teknolojisi kullan&#305;c&#305;lar&#305;n&#305;n %47&rsquo;si dolar bazl&#305; stablecoin&rsquo;leri enflasyona kar&#351;&#305; koruma arac&#305; olarak g&ouml;r&uuml;yor.<\/span><\/li>\n<\/ul>\n<h2><b>En &ccedil;ok kullan&#305;lan stablecoin&rsquo;ler hangileri?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Mart 2026 itibar&#305;yla toplam stablecoin piyasas&#305; 315 milyar dolar&#305; a&#351;arak t&uuml;m zamanlar&#305;n rekorunu k&#305;rm&#305;&#351;t&#305;r. Bahsedilen stablecoin piyasan&#305;n yakla&#351;&#305;k %99&rsquo;u dolara ba&#287;l&#305; &ccedil;al&#305;&#351;&#305;r.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">En pop&uuml;ler iki &ouml;rnek ise Tether&rsquo;in USDT&rsquo;si ve Circle&rsquo;&#305;n USDC&rsquo;dir. USDT, 2014 y&#305;l&#305;nda piyasaya girmi&#351;tir. Bug&uuml;n yakla&#351;&#305;k 184 milyar dolar piyasa de&#287;eriyle lider konumdad&#305;r. USDC ise Circle taraf&#305;ndan 2018&rsquo;de kurulmu&#351;tur. Piyasa de&#287;eri 75 milyar dolar&#305; a&#351;m&#305;&#351;t&#305;r.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">DAI, MakerDAO taraf&#305;ndan geli&#351;tirilen bir alternatif olarak kullan&#305;c&#305; kar&#351;&#305;s&#305;na &ccedil;&#305;kar. Ethereum a&#287;&#305; &uuml;zerinde &ccedil;al&#305;&#351;&#305;r ve ETH gibi &ccedil;e&#351;itli kripto varl&#305;klar&#305; teminat olarak kullan&#305;r.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Piyasada bunlar&#305;n d&#305;&#351;&#305;nda Ethena&rsquo;n&#305;n USDe&rsquo;si ve Tether Gold (XAUT) gibi &ccedil;e&#351;itli emtia destekli stablecoin&rsquo;ler de yer al&#305;r.&nbsp;<\/span><\/p>\n<h2><b>Stablecoin riskleri nelerdir?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">&ldquo;Stablecoin&rdquo; ad&#305; istikrar &ccedil;a&#287;r&#305;&#351;t&#305;rsa da bu varl&#305;klar risksiz de&#287;ildir. Ba&#351;l&#305;ca risk kategorileri aras&#305;nda rezervde ya&#351;anabilecek sorunlar ve sabitli&#287;ini kaybetme riskleri yer al&#305;r.&nbsp;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rezerv riski: <\/b><span style=\"font-weight: 400;\">&#304;tibari para destekli stablecoin&rsquo;lerin g&uuml;venilirli&#287;i, arkas&#305;ndaki rezervlere ba&#287;l&#305;d&#305;r. &Ouml;rne&#287;in Tether, ge&ccedil;mi&#351;te rezervlerin tam olarak dolarla desteklenip desteklenmedi&#287;i konusunda ele&#351;tiri alm&#305;&#351; ve d&uuml;zenleyici bask&#305;yla kar&#351;&#305;la&#351;m&#305;&#351;t&#305;r. Bu sebeple ihra&ccedil; eden kurulu&#351;un rezerv raporlar&#305;n&#305; &#351;effaf bi&ccedil;imde yay&#305;mlamas&#305; kritiktir.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sabitli&#287;ini kaybetme riski: <\/b><span style=\"font-weight: 400;\">Stablecoin&rsquo;in 1 dolar sabitli&#287;inden kopmas&#305; anlam&#305;na gelir. USDT ve USDC tarihsel olarak 1 dolara yak&#305;n kalmay&#305; ba&#351;arm&#305;&#351;t&#305;r. Ancak piyasadaki stres d&ouml;nemlerinde ge&ccedil;ici sapmalar da g&ouml;r&uuml;lm&uuml;&#351;t&uuml;r. Yap&#305;lar&#305; gere&#287;i algoritmik stablecoin&rsquo;ler bu riski &ccedil;ok daha yo&#287;un ta&#351;&#305;r.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>TerraUSD (UST) &ccedil;&ouml;k&uuml;&#351;&uuml;:<\/b><span style=\"font-weight: 400;\"> 2022&rsquo;de ya&#351;anan bu olay algoritmik modelin bozulmas&#305;yla olu&#351;mu&#351;tur. G&uuml;ven kayb&#305;yla ba&#351;layan sat&#305;&#351; dalgas&#305; sistemin algoritmas&#305;n&#305; kaybetmesiyle sonu&ccedil;lanm&#305;&#351;t&#305;r.&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Ak&#305;ll&#305; s&ouml;zle&#351;me riski:<\/b><span style=\"font-weight: 400;\"> Kripto teminatl&#305; ve algoritmik modellerde kod hatas&#305; ya da g&uuml;venlik a&ccedil;&#305;&#287;&#305; sabitli&#287;in kaybedilmesine yol a&ccedil;abilir.<\/span><\/li>\n<\/ul>\n<h2><b>Stablecoin d&uuml;zenlemeleri: GENIUS Act, MiCA ve T&uuml;rkiye<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Stablecoin piyasas&#305; 2025-2026 d&ouml;neminde ciddi bir reg&uuml;lasyon d&ouml;n&uuml;&#351;&uuml;m&uuml; ya&#351;amaya ba&#351;lam&#305;&#351;t&#305;r. Bu kapsamda ABD ve AB iki farkl&#305; ama b&uuml;y&uuml;k &ouml;l&ccedil;&uuml;de uyumlu &ccedil;er&ccedil;eve olu&#351;turmu&#351;tur. Bunlar <\/span><a href=\"https:\/\/www.weforum.org\/stories\/2025\/09\/us-genius-act-eu-mica-convergence-crypto-rules\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">GENIUS Act ve MiCA<\/span><\/a><span style=\"font-weight: 400;\"> olarak bilinir.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ABD&rsquo;de GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) Temmuz 2025&rsquo;te yasala&#351;m&#305;&#351;t&#305;r. Bu yasa, ABD&rsquo;de stablecoin ihra&ccedil; eden kurulu&#351;lara federal lisans zorunlulu&#287;u getirmi&#351;tir. Ayl&#305;k ba&#287;&#305;ms&#305;z denetim raporlar&#305; yay&#305;mlanmas&#305; da zorunlu hale gelmi&#351;tir.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">AB&rsquo;de MiCA (Markets in Crypto-Assets) d&uuml;zenlemesi Aral&#305;k 2024&rsquo;te tam olarak y&uuml;r&uuml;rl&uuml;&#287;e girmi&#351;tir. Bu d&uuml;zenlemeyle stablecoin ihra&ccedil; eden kurulu&#351;lar&#305;n AB i&ccedil;inde lisansl&#305; olmas&#305; zorunlu hale gelmi&#351;tir.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">T&uuml;rkiye&rsquo;de ise Sermaye Piyasas&#305; Kurulu (SPK) hen&uuml;z stablecoin ihra&ccedil;&ccedil;&#305;lar&#305; i&ccedil;in &ouml;zel bir lisanslama rejimi olu&#351;turmam&#305;&#351;t&#305;r. Bu noktada yaln&#305;zca T&uuml;rkiye Cumhuriyet Merkez Bankas&#305;&rsquo;n&#305;n (TCMB) 2021 d&uuml;zenlemesiyle kripto varl&#305;klar&#305;n &ouml;deme arac&#305; olarak do&#287;rudan ya da dolayl&#305; kullan&#305;m&#305;n&#305; yasaklad&#305;&#287;&#305; bilinir. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stablecoin (stabil kripto para), genellikle de&#287;eri ba&#351;ka bir fiat para birimine ya da de&#287;erli bir varl&#305;&#287;a sabitlenmi&#351; bir kripto para t&uuml;r&uuml;d&uuml;r. <\/p>\n","protected":false},"author":1,"featured_media":24336,"menu_order":0,"template":"","meta":{"footnotes":""},"glossary-categories":[],"glossary-tags":[],"glossary-languages":[],"class_list":["post-2456","glossary","type-glossary","status-publish","has-post-thumbnail","hentry"],"post_title":"Stablecoin nedir?","post_content":"Stablecoin (stabil kripto para), genellikle de\u011feri ba\u015fka bir fiat para birimine ya da de\u011ferli bir varl\u0131\u011fa sabitlenmi\u015f bir kripto para t\u00fcr\u00fcd\u00fcr. Bu paralar, ABD dolar\u0131, di\u011fer kripto para birimleri, de\u011ferli metaller veya \u00fc\u00e7\u00fcn\u00fcn bir kombinasyonu gibi fiat para birimlerine sabitlenebilir. En bilinen stablecoin\u2019lerden biri, de\u011feri ABD dolar\u0131na e\u015flenik olmas\u0131 \u00f6ng\u00f6r\u00fclerek olu\u015fturulan Tether\u2019dir (USDT).\r\n\r\n<iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/8ny_EdLu8Lw\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe>\r\n\r\nStablecoin\u2019ler, kripto para birimi fiyatlar\u0131nda g\u00f6r\u00fclen do\u011fal fiyat dalgalanmas\u0131n\u0131 gidermek i\u00e7in tasarlanm\u0131\u015ft\u0131r ve teminatland\u0131r\u0131l\u0131rlar; yani dola\u015f\u0131mdaki toplam sabit para say\u0131s\u0131n\u0131n, yedekte tutulan varl\u0131klar taraf\u0131ndan desteklendi\u011fi anlam\u0131na gelir. Basit\u00e7e s\u00f6ylemek gerekirse, dola\u015f\u0131mda 500.000 USD sabitlenmi\u015f para varsa, bir bankada en az 500.000 dolar olmal\u0131d\u0131r.\r\n\r\nBitcoin\u2019in a\u015f\u0131r\u0131 ini\u015f ve \u00e7\u0131k\u0131\u015flar\u0131ndan muzdarip olan savunucular\u0131, stablecoin\u2019lerin kripto paralar\u0131n istikrars\u0131z bir yat\u0131r\u0131m arac\u0131 olarak g\u00f6r\u00fclmesini ortadan kald\u0131rd\u0131\u011f\u0131na inan\u0131yor. B\u00f6ylece stablecoin\u2019ler kripto paralar\u0131 mal ve hizmet sat\u0131n almak i\u00e7in daha kullan\u0131\u015fl\u0131 hale getiriyor.\r\n<h2><b>Stablecoin ne anlama gelir?<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">Bitcoin bir g\u00fcnde y\u00fczde 20 de\u011fer kaybedebilir. Ayn\u0131 \u015fekilde Ethereum bazen saatler i\u00e7inde yar\u0131 fiyat\u0131na d\u00fc\u015febilir. Stablecoin, kripto d\u00fcnyas\u0131n\u0131n bu volatilite sorununa do\u011frudan bir yan\u0131t olarak tasarlanm\u0131\u015ft\u0131r. De\u011ferini dolar, euro veya alt\u0131n gibi ger\u00e7ek bir varl\u0131\u011fa sabitler. B\u00f6ylece blokzincirin h\u0131z\u0131n\u0131 ve \u015feffafl\u0131\u011f\u0131n\u0131 korurken volatiliteyi en d\u00fc\u015f\u00fck seviyede tutmay\u0131 hedefler.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Baz\u0131 stablecoin\u2019ler 1 ABD Dolar\u0131na e\u015fittir. \u00d6rne\u011fin 1 <a href=\"https:\/\/www.paribu.com\/markets\/usdt_tl\" target=\"_blank\" rel=\"noopener\">USDT<\/a> ya da 1 <a href=\"https:\/\/www.paribu.com\/markets\/usdc_tl\" target=\"_blank\" rel=\"noopener\">USDC<\/a> yakla\u015f\u0131k 1 dolarl\u0131k de\u011fer ta\u015f\u0131r. Bu denge, ihra\u00e7 eden kurulu\u015fun tuttu\u011fu rezervler ya da ak\u0131ll\u0131 s\u00f6zle\u015fme mekanizmalar\u0131 arac\u0131l\u0131\u011f\u0131yla korunur. Ancak stablecoin\u2019lerin sabitlendi\u011fi varl\u0131klar yaln\u0131zca dolarla s\u0131n\u0131rl\u0131 de\u011fildir. Baz\u0131 projelerde alt\u0131n, euro veya ba\u015fka kripto varl\u0131klar da referans al\u0131nabilir.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Stablecoin kavram\u0131 ilk kez 2014 y\u0131l\u0131nda hayata ge\u00e7mi\u015ftir. O d\u00f6nemde ama\u00e7, kripto borsalar\u0131nda dolar yerine ge\u00e7ebilecek, h\u0131zl\u0131 ve ucuz bir de\u011fi\u015fim arac\u0131 sunmak olarak belirlenmi\u015ftir. Zamanla bu kullan\u0131m \u00e7ok daha geni\u015f bir alana yay\u0131lm\u0131\u015ft\u0131r. 2026 ba\u015f\u0131nda stablecoin piyasas\u0131 t\u00fcm zamanlar\u0131n rekorunu k\u0131rarak 315 milyar dolar\u0131 a\u015fm\u0131\u015ft\u0131r.<\/span>\r\n<h2><b>Stablecoin t\u00fcrleri nelerdir?<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">Stablecoin'ler d\u00f6rt ana modelde \u00e7al\u0131\u015f\u0131r. Bunlar fiat para destekli, kripto teminatl\u0131, emtia destekli ve algoritmik stablecoin\u2019lerdir. Her modelin farkl\u0131 g\u00fcvenlik profili ve risk yap\u0131s\u0131 vard\u0131r.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Hangi stablecoin'in tercih edilebilece\u011fini anlamak i\u00e7in \u00f6nce bu farklar\u0131 bilmek gerekir.<\/span>\r\n<ul>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fiat para destekli: <\/b><span style=\"font-weight: 400;\">En yayg\u0131n modeldir. USDT ve USDC bu kategoride yer al\u0131r. \u0130hra\u00e7 eden kurulu\u015f, dola\u015f\u0131mdaki her token kar\u015f\u0131l\u0131\u011f\u0131nda rezervinde dolar tutar. Varl\u0131\u011f\u0131n sabitli\u011fi <a href=\"https:\/\/www.paribu.com\/converter\/usdt-to-tl\" target=\"_blank\" rel=\"noopener\">USDT d\u00f6n\u00fc\u015ft\u00fcr\u00fcc\u00fclerle<\/a> takip edilebilir.<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Kripto teminatl\u0131:<\/b><span style=\"font-weight: 400;\"> DAI bu modelin en bilinen \u00f6rne\u011fidir. Teminat olarak ETH gibi kripto varl\u0131klar\u0131 kullan\u0131r. Kripto varl\u0131klar\u0131n volatilitesine kar\u015f\u0131 koruma sa\u011flamak i\u00e7in a\u015f\u0131r\u0131 teminatland\u0131rma (overcollateralization) uygular. Bu da \u00f6rne\u011fin 100 dolar de\u011ferinde DAI i\u00e7in 150 dolar de\u011ferinde ETH kilitlenmesi gerekti\u011fi anlam\u0131na gelebilir.<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Emtia destekli:<\/b><span style=\"font-weight: 400;\"> PAX Gold (PAXG) gibi varl\u0131klar alt\u0131n fiyat\u0131na sabitlidir. B\u00f6ylece emtia fiyatlar\u0131ndaki de\u011fi\u015fimler stablecoin de\u011ferine do\u011frudan yans\u0131r.<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Algoritmik stablecoin:<\/b><span style=\"font-weight: 400;\"> Rezerv tutmadan, arz-talep dengesini ak\u0131ll\u0131 s\u00f6zle\u015fmelerle y\u00f6neten modeldir. \u00c7\u00f6k\u00fc\u015f ya\u015fam\u0131\u015f olsa da TerraUSD (UST) hala bu modelin en \u00f6nemli \u00f6rneklerinden biridir.\u00a0<\/span><\/li>\r\n<\/ul>\r\n<h2><b>Stablecoin nas\u0131l \u00e7al\u0131\u015f\u0131r?<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">\u0130tibari para destekli bir stablecoin'in \u00e7al\u0131\u015fma mant\u0131\u011f\u0131, kullan\u0131c\u0131n\u0131n 100 dolar yat\u0131r\u0131p kar\u015f\u0131l\u0131\u011f\u0131nda 100 USDT almas\u0131yla \u00f6zetlenebilir. \u0130hra\u00e7 eden kurum bu 100 dolar\u0131 rezervinde tutar. Kullan\u0131c\u0131 token'\u0131n\u0131 satmak istedi\u011finde ayn\u0131 tutar\u0131 geri alabilir.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Bu s\u00fcre\u00e7te blokzincir altyap\u0131s\u0131, \u015feffafl\u0131\u011f\u0131 ve i\u015flem h\u0131z\u0131n\u0131 sa\u011flar. T\u00fcm transfer kay\u0131tlar\u0131 halka a\u00e7\u0131k da\u011f\u0131t\u0131k defterde g\u00f6r\u00fclebilir.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Bir stablecoin\u2019in fiyat\u0131n\u0131 sabitleyen temel mekanizma arbitraj \u00fczerine kuruludur. \u00d6rne\u011fin dolar sabitli bir stablecoin\u2019de varl\u0131k 1 dolar\u0131n alt\u0131na d\u00fc\u015ferse arbitrajc\u0131lar varl\u0131\u011f\u0131 sat\u0131n al\u0131p teminat kar\u015f\u0131l\u0131\u011f\u0131nda satabilir. Burada olu\u015fan al\u0131m bask\u0131s\u0131 fiyat\u0131 tekrar 1 dolara \u00e7eker.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Kripto teminatl\u0131 modellerde ak\u0131ll\u0131 s\u00f6zle\u015fmeler \u00e7e\u015fitli varl\u0131klar\u0131 kullanarak bu dengeyi otomatik kurar. Algoritmik modellerde ise arz azalt\u0131l\u0131p art\u0131r\u0131larak fiyat kontrol edilmeye \u00e7al\u0131\u015f\u0131l\u0131r. Bu son model tarihsel olarak en riskli olan\u0131 olarak bilinir.<\/span>\r\n<h2><b>Stablecoin neden kullan\u0131l\u0131r?<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">Stablecoin'lerin bu kadar h\u0131zl\u0131 b\u00fcy\u00fcmesinin arkas\u0131nda birden fazla pratik neden bulunabilir.\u00a0<\/span>\r\n<ul>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Volatiliteden korunma: <\/b><span style=\"font-weight: 400;\">Kripto piyasas\u0131nda ani d\u00fc\u015f\u00fc\u015f ya\u015fand\u0131\u011f\u0131nda yat\u0131r\u0131mc\u0131lar varl\u0131klar\u0131n\u0131 stablecoin'e \u00e7evirerek de\u011fer kayb\u0131n\u0131 azaltmay\u0131 ama\u00e7layabilir.\u00a0<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Merkeziyetsiz finans (DeFi) protokolleri: <\/b><span style=\"font-weight: 400;\">Bor\u00e7 verme, staking ve likidite sa\u011flama gibi DeFi uygulamalar\u0131nda stablecoin'ler teminat olarak kullan\u0131labilir.\u00a0<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Enflasyona kar\u015f\u0131 dolara eri\u015fim: <\/b><span style=\"font-weight: 400;\">T\u00fcrkiye, Arjantin ve Nijerya gibi yerel para biriminin de\u011fer kaybetti\u011fi \u00fclkelerde stablecoin kullan\u0131m\u0131 h\u0131zla artabilir. \u00d6rne\u011fin Visa'n\u0131n 2024'te be\u015f \u00fclkede yapt\u0131\u011f\u0131 ara\u015ft\u0131rmaya g\u00f6re kripto teknolojisi kullan\u0131c\u0131lar\u0131n\u0131n %47'si dolar bazl\u0131 stablecoin'leri enflasyona kar\u015f\u0131 koruma arac\u0131 olarak g\u00f6r\u00fcyor.<\/span><\/li>\r\n<\/ul>\r\n<h2><b>En \u00e7ok kullan\u0131lan stablecoin'ler hangileri?<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">Mart 2026 itibar\u0131yla toplam stablecoin piyasas\u0131 315 milyar dolar\u0131 a\u015farak t\u00fcm zamanlar\u0131n rekorunu k\u0131rm\u0131\u015ft\u0131r. Bahsedilen stablecoin piyasan\u0131n yakla\u015f\u0131k %99'u dolara ba\u011fl\u0131 \u00e7al\u0131\u015f\u0131r.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">En pop\u00fcler iki \u00f6rnek ise Tether\u2019in USDT\u2019si ve Circle\u2019\u0131n USDC\u2019dir. USDT, 2014 y\u0131l\u0131nda piyasaya girmi\u015ftir. Bug\u00fcn yakla\u015f\u0131k 184 milyar dolar piyasa de\u011feriyle lider konumdad\u0131r. USDC ise Circle taraf\u0131ndan 2018'de kurulmu\u015ftur. Piyasa de\u011feri 75 milyar dolar\u0131 a\u015fm\u0131\u015ft\u0131r.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">DAI, MakerDAO taraf\u0131ndan geli\u015ftirilen bir alternatif olarak kullan\u0131c\u0131 kar\u015f\u0131s\u0131na \u00e7\u0131kar. Ethereum a\u011f\u0131 \u00fczerinde \u00e7al\u0131\u015f\u0131r ve ETH gibi \u00e7e\u015fitli kripto varl\u0131klar\u0131 teminat olarak kullan\u0131r.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Piyasada bunlar\u0131n d\u0131\u015f\u0131nda Ethena'n\u0131n USDe'si ve Tether Gold (XAUT) gibi \u00e7e\u015fitli emtia destekli stablecoin'ler de yer al\u0131r.\u00a0<\/span>\r\n<h2><b>Stablecoin riskleri nelerdir?<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">\"Stablecoin\" ad\u0131 istikrar \u00e7a\u011fr\u0131\u015ft\u0131rsa da bu varl\u0131klar risksiz de\u011fildir. Ba\u015fl\u0131ca risk kategorileri aras\u0131nda rezervde ya\u015fanabilecek sorunlar ve sabitli\u011fini kaybetme riskleri yer al\u0131r.\u00a0<\/span>\r\n<ul>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rezerv riski: <\/b><span style=\"font-weight: 400;\">\u0130tibari para destekli stablecoin'lerin g\u00fcvenilirli\u011fi, arkas\u0131ndaki rezervlere ba\u011fl\u0131d\u0131r. \u00d6rne\u011fin Tether, ge\u00e7mi\u015fte rezervlerin tam olarak dolarla desteklenip desteklenmedi\u011fi konusunda ele\u015ftiri alm\u0131\u015f ve d\u00fczenleyici bask\u0131yla kar\u015f\u0131la\u015fm\u0131\u015ft\u0131r. Bu sebeple ihra\u00e7 eden kurulu\u015fun rezerv raporlar\u0131n\u0131 \u015feffaf bi\u00e7imde yay\u0131mlamas\u0131 kritiktir.<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sabitli\u011fini kaybetme riski: <\/b><span style=\"font-weight: 400;\">Stablecoin'in 1 dolar sabitli\u011finden kopmas\u0131 anlam\u0131na gelir. USDT ve USDC tarihsel olarak 1 dolara yak\u0131n kalmay\u0131 ba\u015farm\u0131\u015ft\u0131r. Ancak piyasadaki stres d\u00f6nemlerinde ge\u00e7ici sapmalar da g\u00f6r\u00fclm\u00fc\u015ft\u00fcr. Yap\u0131lar\u0131 gere\u011fi algoritmik stablecoin'ler bu riski \u00e7ok daha yo\u011fun ta\u015f\u0131r.<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><b>TerraUSD (UST) \u00e7\u00f6k\u00fc\u015f\u00fc:<\/b><span style=\"font-weight: 400;\"> 2022'de ya\u015fanan bu olay algoritmik modelin bozulmas\u0131yla olu\u015fmu\u015ftur. G\u00fcven kayb\u0131yla ba\u015flayan sat\u0131\u015f dalgas\u0131 sistemin algoritmas\u0131n\u0131 kaybetmesiyle sonu\u00e7lanm\u0131\u015ft\u0131r.\u00a0<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Ak\u0131ll\u0131 s\u00f6zle\u015fme riski:<\/b><span style=\"font-weight: 400;\"> Kripto teminatl\u0131 ve algoritmik modellerde kod hatas\u0131 ya da g\u00fcvenlik a\u00e7\u0131\u011f\u0131 sabitli\u011fin kaybedilmesine yol a\u00e7abilir.<\/span><\/li>\r\n<\/ul>\r\n<h2><b>Stablecoin d\u00fczenlemeleri: GENIUS Act, MiCA ve T\u00fcrkiye<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">Stablecoin piyasas\u0131 2025-2026 d\u00f6neminde ciddi bir reg\u00fclasyon d\u00f6n\u00fc\u015f\u00fcm\u00fc ya\u015famaya ba\u015flam\u0131\u015ft\u0131r. Bu kapsamda ABD ve AB iki farkl\u0131 ama b\u00fcy\u00fck \u00f6l\u00e7\u00fcde uyumlu \u00e7er\u00e7eve olu\u015fturmu\u015ftur. Bunlar <\/span><a href=\"https:\/\/www.weforum.org\/stories\/2025\/09\/us-genius-act-eu-mica-convergence-crypto-rules\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">GENIUS Act ve MiCA<\/span><\/a><span style=\"font-weight: 400;\"> olarak bilinir.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">ABD'de GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) Temmuz 2025'te yasala\u015fm\u0131\u015ft\u0131r. Bu yasa, ABD'de stablecoin ihra\u00e7 eden kurulu\u015flara federal lisans zorunlulu\u011fu getirmi\u015ftir. Ayl\u0131k ba\u011f\u0131ms\u0131z denetim raporlar\u0131 yay\u0131mlanmas\u0131 da zorunlu hale gelmi\u015ftir.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">AB'de MiCA (Markets in Crypto-Assets) d\u00fczenlemesi Aral\u0131k 2024'te tam olarak y\u00fcr\u00fcrl\u00fc\u011fe girmi\u015ftir. Bu d\u00fczenlemeyle stablecoin ihra\u00e7 eden kurulu\u015flar\u0131n AB i\u00e7inde lisansl\u0131 olmas\u0131 zorunlu hale gelmi\u015ftir.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">T\u00fcrkiye\u2019de ise Sermaye Piyasas\u0131 Kurulu (SPK) hen\u00fcz stablecoin ihra\u00e7\u00e7\u0131lar\u0131 i\u00e7in \u00f6zel bir lisanslama rejimi olu\u015fturmam\u0131\u015ft\u0131r. Bu noktada yaln\u0131zca T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131'n\u0131n (TCMB) 2021 d\u00fczenlemesiyle kripto varl\u0131klar\u0131n \u00f6deme arac\u0131 olarak do\u011frudan ya da dolayl\u0131 kullan\u0131m\u0131n\u0131 yasaklad\u0131\u011f\u0131 bilinir. <\/span>","_links":{"self":[{"href":"https:\/\/www.paribu.com\/blog\/wp-json\/wp\/v2\/glossary\/2456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paribu.com\/blog\/wp-json\/wp\/v2\/glossary"}],"about":[{"href":"https:\/\/www.paribu.com\/blog\/wp-json\/wp\/v2\/types\/glossary"}],"author":[{"embeddable":true,"href":"https:\/\/www.paribu.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"version-history":[{"count":5,"href":"https:\/\/www.paribu.com\/blog\/wp-json\/wp\/v2\/glossary\/2456\/revisions"}],"predecessor-version":[{"id":25194,"href":"https:\/\/www.paribu.com\/blog\/wp-json\/wp\/v2\/glossary\/2456\/revisions\/25194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paribu.com\/blog\/wp-json\/wp\/v2\/media\/24336"}],"wp:attachment":[{"href":"https:\/\/www.paribu.com\/blog\/wp-json\/wp\/v2\/media?parent=2456"}],"wp:term":[{"taxonomy":"glossary-categories","embeddable":true,"href":"https:\/\/www.paribu.com\/blog\/wp-json\/wp\/v2\/glossary-categories?post=2456"},{"taxonomy":"glossary-tags","embeddable":true,"href":"https:\/\/www.paribu.com\/blog\/wp-json\/wp\/v2\/glossary-tags?post=2456"},{"taxonomy":"glossary-languages","embeddable":true,"href":"https:\/\/www.paribu.com\/blog\/wp-json\/wp\/v2\/glossary-languages?post=2456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}