THE ESSENCE OF STABLECOIN AND ITS SIGNIFICANCE FOR THE BANKING SYSTEM
The digital transformation of the global financial system is one of the most notable developments of recent decades. Blockchain technologies, decentralized finance, central bank digital currencies, and various forms of asset tokenization have already begun to shape a new macroeconomic configuration in which traditional financial institutions interact with digital platforms, infrastructure protocols, and new asset classes. The most significant and rapidly growing phenomenon has been the proliferation of stablecoins, digital tokens that provide stability in value and are designed to be used as universal settlement and payment instruments.
The article explores the essence of stablecoins as a special class of digital financial assets that provide stability in value by being pegged to fiat currencies, commodity assets, or asset baskets. The article shows the mechanisms of functioning of the main models of stablecoins: fiat-backed, crypto-backed, and algorithmic. It analyzes the current applications of stablecoins in cross-border payments, decentralized finance, e-commerce, corporate payment systems, and the digital economy. The article assesses the key effects of stablecoins on the banking system, including the transformation of payment infrastructure, the changing role of banks as intermediaries, and the emergence of new sources of income and risks. The prospects for the development of stablecoins are considered, related to the strengthening of regulation, integration with digital currencies of central banks, the expansion of the practice of asset tokenization and the formation of a new digital macro-financial environment. It is shown that stablecoins can become the core of the future global digital financial architecture, while simultaneously requiring the modernization of traditional banking mechanisms and the regulatory framework.
Gyunter I.N., Dakhova Z.I., Ruleva N.Y. “The essence of stablecoin and its significance for the banking system”, Research Result. Economic Research, 12(2), 131-141, DOI: 10.18413/2409-1634-2026-12-2-1-3
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