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| НА ГОЛОВНУ |
№ 2026/2
КРИЧЕВСЬКА Тетяна Олександрівна 1
1ДУ «Інститут економіки та прогнозування НАН України»
СТЕЙБЛКОЇНИ: МОДЕЛІ СТАБІЛІЗАЦІЇ ТА МЕЖІ ПРИВАТНОЇ ГРОШОВОЇ ЕМІСІЇ
| Ekon. teor. 2026; 2:5-40 | https://doi.org/10.15407/etet2026.02.005 |
АНОТАЦІЯ ▼
Гібридна природа стейблкоїнів як альтернативи й доповнення до традиційних фінансів та їхня глобальність, забезпечена технологією розподіленого реєстру, перетворюють їх на об’єкт конкуренції за позиції держав і фінансових суб’єктів у новій конфігурації глобальної фінансової архітектури. Ключовими викликами державного регулювання є: вибір ступеня технологічної нейтральності; врахування глобальної природи токенів, зумовленої архітектурою блокчейну; визначення ролі приватних стейблкоїнів у грошовій системі цифрової економіки.
З’ясовано природу стейблкоїна в динаміці і різноманітті механізмів стабілізації вартості, моделей управління, ступенів інтеграції з традиційними фінансами та видів фінансової діяльності, що відтворюються емітентами за різних регуляторних режимів. Охарактеризовано бізнес-моделі й еволюцію тринадцяти найбільших стейблкоїнів з екзогенними та ендогенними механізмами стабілізації.
Розкрито специфіку USDT як глобального офшорного платіжного інструменту, який, попри непрозорість резервів і підвищені ризики, набув ознак too big to fail для крипторинку та став інклюзивним доларовим інструментом у реальній економіці. Показано конкуренцію між регульованими стейблкоїнами традиційних фінансових посередників і регульованими проєктами криптобізнесу, а також механізми отримання дохідності через їх інтеграцію з платформами.
Ідентифіковано чинники зростання попиту на стейблкоїни з прив’язкою до євро та золота та здійснено кількісну оцінку масштабів і структурних зрушень сектору. Обґрунтовано, що за різних регуляторних режимів стейблкоїни відтворюють моделі емітента електронних грошей, нерегульованого банку, вузького банку, фонду грошового ринку чи приватного емітента банкнот, а також окреслено додаткові ризики, пов’язані з їхньою новою технологічною оболонкою. Зроблено висновок, що нерегульовані офшорні стейблкоїни можуть функціонувати, в термінології Бодріяра, як образи національних валют третього порядку, що маскують відсутність глибокої реальності, тоді як легітимізовані найбільшими юрисдикціями без достатнього регуляторного наповнення – як симулякри, що конструюють власну "валютну реальність".
Ключові слова:стейблкоїн, екзогенний та ендогенний механізми стабілізації вартості, емітент електронних грошей, банк, фонд грошового ринку, регулювання
| Стаття українською мовою (cтор. 5 - 40) | Завантажити | Завантажень : 79 |
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3. Krychevska, T. O. (2023a). Development of micro- and macroeconomic analysis of financial intermediation. Article 1. D. Diamond and Ph. Dybvig theories of banks' intermediary functions and development of microeconomic analysis of financial institutions. Ekon. teor. – Economic Theory, (1), 73105. doi.org/10.15407/etet2023.01.073 [in Ukrainian].
4. Krychevska, T. O. (2023b). Development of micro- and macroeconomic analysis of financial intermediation. Article 2. Macroeconomic analysis of the role of financial intermediaries in the works of B. Bernanke and the application of financial intermediation theory in combating financial crises. Ekon. teor. – Economic Theory, (2), 71104. doi.org/10.15407/etet2023.02.071 [in Ukrainian].
5. Krychevska, T.O. (2024). Contradictions of Globalization and Localization in the Institutional Development of the Monetary Sphere. In A. Grytsenko (Ed.), Economic contradictions of globalization and localization: forms of movement and solutions (p. 161–225). SO "Institute for Economics and Forecasting of the NAS of Ukraine". ief.org.ua/en/publication/monohrafii/2024/ekonomichni-superechnosti-hlobalizacii-ta-lokalizacii [in Ukrainian].
6. Krychevska, T.O. (2025a). The crypto-asset space: development logic, structure, features, and interactions. Article 2. Structure, dynamics, and interaction of the crypto space with the traditional financial system. Ekon. teor. – Economic Theory, (1), 5–58. doi.org/10.15407/etet2025.01.005 [in Ukrainian].
7. Krychevska, T.O. (2025b). Stablecoin as a phenomenon of the new monetary reality: scale and areas of application. In Ukraine’s Development Strategy: Financial-Economic and Humanitarian Aspects (Under Martial Law and in the Context of Post-War Recovery): proceedings of the Twelfth International Scientific and Practical Conferences. (Pt. 1, pp. 269–274). Interservis. irb.nasoa.edu.ua/server/api/core/bitstreams/a9b7cdf3-6e73-479b-8cc2-1d66e78ad790/content [in Ukrainian].
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13. Armstrong, R. (2025b, May 28). Stablecoins reconsidered. Financial Times. www.ft.com/content/0b39e53c-afb1-446b-abf6-a3ae52235582/
14. Calomiris, C. W., & Haber, S. H. (2014). Fragile by design. The Political origins of banking crises and scarce credit. Princeton University Press. doi.org/10.1515/9781400849925
15. Capie, F., Goodhart, C., Fischer, S., & Schnadt, N. (1994). The Future of Central Banking: The Tercentenary Symposium of the Bank of England. Cambridge University Press. doi.org/10.1017/CBO9780511983696
16. Crypto crime reaches record high in 2025 as nation state sanctions evasion moves on chain at scale. (2026, January 8). Chainalysis. www.chainalysis.com/blog/2026-crypto-crime-report-introduction/
17. Davies, G. (2002). A history of money: From ancient times to the present day. University of Wales Press.
18. Diamond, D., & Dybvig, Ph. (1983). Bank runs, deposit insurance, and liquidity. Journal of Political Economy, 91(3), 401–419. doi.org/10.1086/261155
19. van Dillen, J. (1964). The Bank of Amsterdam. In J. van Dillen (Ed.), History of the principal public banks. (pp. 79–124). Frank Cass & Co.
20. Dunbar, C. F. (1892). The Bank of Venice. The Quarterly Journal of Economics, 6(3), 308–335. doi.org/10.2307/1882461; www.jstor.org/stable/1882461?seq=2/
21. Hayes, A. (2023, March 8). Dust on crust. BitMEX. www.bitmex.com/blog/dust-on-crust/
22. Eichengreen, B. (2025, June 17). The Genius act will bring economic chaos. guest essay. The New York Times. www.nytimes.com/2025/06/17/opinion/genius-act-stablecoin-crypto.html
23. Elder, B. (2025a, November 25). Tether, the gold whale. Financial Times. www.ft.com/content/37f80249-2ca0-4369-9898-bde2689d443a
24. Elder, B. (2025b, November 26). Tether gets junked by S&P. Financial Times. www.ft.com/content/086f8e0b-7730-470c-bf6d-3a979066a823
25. Everson, Z. (2025, October 2). MGX Cites ‘Compliance History’ In Picking Brand New Trump-Linked Stablecoin USD1 For $2 Billion Binance Deal. Forbes. www.forbes.com/sites/zacheverson/2025/10/02/mgx-usd1-binance-trump-stablecoin-world-liberty-financial/
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