Hybrid fuzzy decision-making approach to DeFi-integrated central bank digital currency platform selection

Abstract

Central bank digital currencies (CBDCs) integrated with decentralized finance (DeFi) represent a transformative development in digital financial systems. However, there is a lack of systematic frameworks for prioritizing the determinants of effectiveness and sustainability in DeFi-integrated CBDC platform investments. This study develops an integrated multicriteria decision-making framework to identify critical evaluation criteria and rank alternative platform architectures under uncertainty. The proposed model combines objective expert weighting, interaction-sensitive criteria evaluation, and fuzzy-based alternative ranking within a unified analytical structure. The results indicate that technological infrastructure (0.168) and liquidity (0.167) are the most influential criteria, while hybrid and privacy-focused platforms emerge as the most suitable investment alternatives. These findings highlight the importance of balancing technological robustness, liquidity depth, and privacy considerations in CBDC design. The study contributes by offering a structured and uncertainty-sensitive decision framework to support strategic platform selection and policy formulation in evolving digital currency ecosystems.