Smart contract governance is the framework that decides who may alter or control a smart contract once it is running on a blockchain, and by what process. It covers changes to parameters such as fees and limits, emergency actions such as pausing transfers, the assignment of privileged roles, and replacement of the code itself where the contract allows smart contract upgradeability.
Models range from a single admin key held by the developer, through keys shared under a multi-signature arrangement, to on-chain voting by holders of a governance token in a decentralized autonomous organization. Changes are often routed through a timelock so that users can see them before they take effect. For regulated issuers of stablecoins and tokenised assets, governance also means documented approval procedures, segregation of duties, key custody, independent code review and an audit trail, so that control of the contract matches the firm's legal responsibilities.