| 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 ▼
| Стаття українською мовою (cтор. 5 - 40) | Завантажити | Завантажень : 78 |
СПИСОК ЛІТЕРАТУРИ ▼
1. Bodriiar, Zh. (2004). Simulacra and Simulation. (V. Khovkhun. Per.). Osnovy [in Ukrainian].
2. Grytsenko, A. A. (2005). Representative theory of money. Visnyk NBU – Bulletin of the National Bank of Ukraine, (7), 9-13. visnyk.bank.gov.ua/archive/2005/7.pdf [in Ukrainian].
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].
8. Krychevska, T.O. (2025c). Eurodollars and Stablecoins: The Impact on the Evolution of the International Financial System. Efektyvna ekonomika – Efficient Economy, (11). doi.org/10.32702/2307-2105.2025.11.8 [in Ukrainian].
9. Rota, P. (2015). History of banking: The history of ancient banking institutions among the Greeks and Romans, the medieval Italians, as well as in Holland and Germany in the 17th and 18th centuries (I. B. Ivasiiv, Trans. & Ed.; I. I. Kaufman, Notes and additions). Kyiv National Economic University [in Ukrainian].
10. A Nobel laureate on why stablecoins may be nothing of the sort. (2026, September 29,). The Economist. www.economist.com/by-invitation/2025/09/29/a-nobel-laureate-on-why-stablecoins-may-be-nothing-of-the-sort/
11. Anadu, K., Azar, P. D., Cipriani, M., Eisenbach, T. M., Huang, C., Landoni, M., La Spada, G., Macchiavelli, M., Malfroy-Camine, A., & Wang, J. C. (2023, September). Runs and flights to safety: are stablecoins the new money market funds? (Staff Report No. 1073). Federal Reserve Bank of New York. doi.org/10.59576/sr.1073/
12. Armstrong, R. (2025a, May 27). Stablecoins are bank deposits. Financial Times. www.ft.com/content/625f9f0e-0144-4bc4-99e2-571ab64ccbe9/
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/
26. Ferguson, N., & Rincon-Cruz, M. (2026, January 26). Stablecoins are the future but banks will survive. Bloomberg. www.bloomberg.com/opinion/articles/2026-01-26/stablecoins-are-the-future-but-won-t-kill-banks?utm_medium=email&utm_source=author_alert&utm_term=260126&utm_campaign=author_2151773
27. Giannini, C. (2011). The Age of Central Banks. Edward Elgar. doi.org/10.4337/9780857932143
28. Gorton, G., & Zhang, J. (2023). Taming wildcat stablecoins. University of Chicago Law Review, 90(3), Article 3. chicagounbound.uchicago.edu/uclrev/vol90/iss3/3
29. Gurley, J. G., & Shaw, E. S. (1960). Money in a Theory of Finance. Washington, D.C.: Brookings Institution.
30. Hitchcock, L. (2025, November 2). What Is Tempo? The Payments and Stablecoin Blockchain Built by Stripe. Decrypt. decrypt.co/resources/what-tempo-payments-stablecoin-blockchain-stripe/
31. Hook L., & Asgari N. (2025, September 5). Stablecoin group Tether holds talks to invest in gold miners. Financial Times. www.ft.com/content/135fb3dd-2395-4f04-8cc6-7fb0e87cd092
32. Irrera, A. (2025, October 28). Goldman, BlackRock Sign Up to Trial Circle’s Arc Blockchain. Bloomberg. www.bloomberg.com/news/articles/2025-10-28/goldman-blackrock-sign-up-to-trial-circle-s-arc-blockchain
33. Khatri, Y. (2025, July 31). Tether-focused Layer 1 Stable raises $28 million seed round to boost USDT adoption. The Block. www.theblock.co/post/364952/tether-focused-layer-1-stable-raises-28-million-seed-round-to-boost-usdt-adoption
34. Lagarde, C. (2025, September 3). Cutting through the noise: Exercising good judgment in a world of change. Welcome address at the ninth annual conference of the ESRB. ECB. www.ecb.europa.eu/press/key/date/2025/html/ecb.sp250903~10647505c7.en.html
35. Lane, Ph. (2025, March 20). The digital euro: Maintaining the autonomy of the monetary system. Keynote speech. University College Cork Economics Society Conference 2025. ECB. www.ecb.europa.eu/press/key/date/2025/html/ecb.sp250320_1~41c9459722.en.html
36. Levine, M. (2022). The crypto story. Part III: The crypto financial system. Bloomberg. www.bloomberg.com/features/2022-the-crypto-story/#the-crypto-financial-system
37. Mai, H. (2022, March 25). Stablecoins: DeFi, Libra and beyond. (EU Monitor Global financial markets). Deutsche Bank Research. www.dbresearch.de/PROD/RPS_EN-PROD/PROD0000000000522496/Stablecoins%3A_DeFi%2C_Libra_and_beyond.PDF?&undefined&realload=3IIn3xxn1VRVot3UjjuwOacNiKqyC/x61yVw8kFuMegaxkslVLs45UI8X2gZvBd4/
38. Mancini-Griffoli, T. (2025, September). The Money Dialogues. Finance & Development. www.imf.org/en/Publications/fandd/issues/2025/09/the-money-dialogues-tommaso-mancini/
39. Mason, E. (2025, December 16). Visa offers stablecoin settlement for US banks using Circle’s USDC. Bloomberg. www.bloomberg.com/news/articles/2025-12-16/visa-offers-stablecoin-settlement-for-us-banks-using-circle-s-usdc/
40. Michie, R. (2016). British Banking. Continuity and Change from 1694 to the Present. Oxford University Press. doi.org/10.1093/acprof:oso/9780198727361.001.0001
41. Oliver, J. (2024). Hype machine: How greed, fraud and free money crashed crypto. Heligo Books.
42. Otychenko, I. (2026, January 30). Stablecoin landscape in 2025: How it reached a $60 trillion transfer volume. CEX.IO. blog.cex.io/ecosystem/stablecoin-annual-report-2025-35343/
43. Quinn, S., & Roberds, W. (2010). How Amsterdam got fiat Money (Working Paper 2010-17). Federal Reserve Bank of Atlanta. doi.org/10.2139/ssrn.2481165; papers.ssrn.com/sol3/papers.cfm?abstract_id=2481165/
44. Bessent, S. (2025, November 12). Remarks by Secretary of the Treasury Scott Bessent before the Treasury Market Conference. U.S. Department of the Treasury. home.treasury.gov/news/press-releases/sb0314/
45. Reynolds, S. (2025, April 2). Tron's Justin Sun Bailed Out TUSD as Stablecoin's $456M Reserves Were Stuck in Limbo, Filings Show. CoinDesk. www.coindesk.com/markets/2025/04/02/tron-s-justin-sun-bailed-out-tusd-as-stablecoin-s-usd456m-reserves-were-stuck-in-limbo/
46. Rey, H. (2025, September). Stablecoins, Tokens, and Global Dominance. Finance & Development. www.imf.org/en/Publications/fandd/issues/2025/09/stablecoins-tokens-global-dominance-helene-rey/
47. Sandor, K. (2023, April 3). TUSD stablecoin daily trading volume surpasses $1b after Binance boost. CoinDesk. www.coindesk.com/markets/2023/03/31/tusd-stablecoin-daily-trading-volume-surpasses-1b-after-binance-boost/
48. Sandor, K. (2024, July 12). MakerDAO’s $1B Tokenized Treasury Investment Plan Draws Interest from BlackRock’s BUIDL, Ondo, Superstate. CoinDesk. www.coindesk.com/business/2024/07/12/makerdaos-1b-tokenized-treasury-investment-plan-draws-interest-from-blackrocks-buidl-ondo-superstate/
49. Sandor, K. (2025, April 15). Circle’s EURC Stablecoin Surges 43% to Record Supply as Dollar Troubles Fuel Demand. CoinDesk. www.coindesk.com/markets/2025/04/14/circle-s-eurc-stablecoin-surges-43-to-record-supply-as-dollar-troubles-fuel-demand/
50. Schmitt, W. (2025, March 25). Crypto group backed by Donald Trump to launch stablecoin. Financial Times. www.ft.com/content/5f3aa931-52dd-4de1-a125-7f50c908b636/
51. Shin, S. H. (2025, June 24). The next-generation monetary and financial system. BIS Annual Economic Report. www.bis.org/publ/arpdf/ar2025e3.htm/
52. Stablecoins could shake up global payments – but not with technology. (n.d.). Financial Times. Retrieved January 8, 2026, from www.ft.com/content/a7472a61-0ad5-4207-aece-796a01f4b74b
53. Steer, G. The downfall of Do Kwon. Financial Times. Retrieved December 13, 2025, from www.ft.com/content/6d6c88c6-b26c-45b3-bc99-98211af55504
54. Steer, G. Trump family’s World Liberty crypto venture applies for US banking licence. Financial Times. Retrieved January 7, 2026, from www.ft.com/content/468c5f3a-0ab9-4756-85e2-22adb948db62/
55. Steer, G., Shah, J., Asgari, N. Crypto’s rocky year. Financial Times. Retrieved December 5, 2025, from www.ft.com/content/728a469e-34f7-433d-90a5-631b8c10aa51/
56. Edvinsson, R., & Jacobson, T. (Eds.). (2018). Sveriges Riksbank and the History of Central Banking. Cambridge University Press. doi.org/10.1017/9781108140430
57. Chainalysis. (2024). The 2024 crypto crime report. go.chainalysis.com/crypto-crime-2024.html
58. Chainalysis. (2024, October). The 2024 geography of crypto report. go.chainalysis.com/2024-geography-of-cryptocurrency-report.html/
59. CoinGecko. (2026, January 15). The 2025 annual crypto industry report. www.coingecko.com/research/publications/2025-annual-crypto-report/
60. Adrian, T., Bains, P., Bechara, M., Cerutti, E., Forte, S., Grinberg, F., Gullo, A., Hengge, M., Jekabsone, A., Kao, K., Mancini Griffoli, T., Martinez Peria, S., Miccoli, M., Reuter, M., & Sugimoto, N. (2025). Understanding stablecoins. (Departmental Paper). International Monetary Fund. doi.org/10.5089/9798229024075.087; www.imf.org/-/media/files/publications/dp/2025/english/usea.pdf/
61. Why the dollar may have much further to fall. (2026, February 5). The Economist. www.economist.com/finance-and-economics/2026/02/05/why-the-dollar-may-have-much-further-to-fall/
62. Zeng Y. (2025, September). Finance Changed, Risks Didn’t. Finance & Development. www.imf.org/en/publications/fandd/issues/2025/09/finance-changed-risks-didnt-yao-zeng
2. Grytsenko, A. A. (2005). Representative theory of money. Visnyk NBU – Bulletin of the National Bank of Ukraine, (7), 9-13. visnyk.bank.gov.ua/archive/2005/7.pdf [in Ukrainian].
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].
8. Krychevska, T.O. (2025c). Eurodollars and Stablecoins: The Impact on the Evolution of the International Financial System. Efektyvna ekonomika – Efficient Economy, (11). doi.org/10.32702/2307-2105.2025.11.8 [in Ukrainian].
9. Rota, P. (2015). History of banking: The history of ancient banking institutions among the Greeks and Romans, the medieval Italians, as well as in Holland and Germany in the 17th and 18th centuries (I. B. Ivasiiv, Trans. & Ed.; I. I. Kaufman, Notes and additions). Kyiv National Economic University [in Ukrainian].
10. A Nobel laureate on why stablecoins may be nothing of the sort. (2026, September 29,). The Economist. www.economist.com/by-invitation/2025/09/29/a-nobel-laureate-on-why-stablecoins-may-be-nothing-of-the-sort/
11. Anadu, K., Azar, P. D., Cipriani, M., Eisenbach, T. M., Huang, C., Landoni, M., La Spada, G., Macchiavelli, M., Malfroy-Camine, A., & Wang, J. C. (2023, September). Runs and flights to safety: are stablecoins the new money market funds? (Staff Report No. 1073). Federal Reserve Bank of New York. doi.org/10.59576/sr.1073/
12. Armstrong, R. (2025a, May 27). Stablecoins are bank deposits. Financial Times. www.ft.com/content/625f9f0e-0144-4bc4-99e2-571ab64ccbe9/
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/
26. Ferguson, N., & Rincon-Cruz, M. (2026, January 26). Stablecoins are the future but banks will survive. Bloomberg. www.bloomberg.com/opinion/articles/2026-01-26/stablecoins-are-the-future-but-won-t-kill-banks?utm_medium=email&utm_source=author_alert&utm_term=260126&utm_campaign=author_2151773
27. Giannini, C. (2011). The Age of Central Banks. Edward Elgar. doi.org/10.4337/9780857932143
28. Gorton, G., & Zhang, J. (2023). Taming wildcat stablecoins. University of Chicago Law Review, 90(3), Article 3. chicagounbound.uchicago.edu/uclrev/vol90/iss3/3
29. Gurley, J. G., & Shaw, E. S. (1960). Money in a Theory of Finance. Washington, D.C.: Brookings Institution.
30. Hitchcock, L. (2025, November 2). What Is Tempo? The Payments and Stablecoin Blockchain Built by Stripe. Decrypt. decrypt.co/resources/what-tempo-payments-stablecoin-blockchain-stripe/
31. Hook L., & Asgari N. (2025, September 5). Stablecoin group Tether holds talks to invest in gold miners. Financial Times. www.ft.com/content/135fb3dd-2395-4f04-8cc6-7fb0e87cd092
32. Irrera, A. (2025, October 28). Goldman, BlackRock Sign Up to Trial Circle’s Arc Blockchain. Bloomberg. www.bloomberg.com/news/articles/2025-10-28/goldman-blackrock-sign-up-to-trial-circle-s-arc-blockchain
33. Khatri, Y. (2025, July 31). Tether-focused Layer 1 Stable raises $28 million seed round to boost USDT adoption. The Block. www.theblock.co/post/364952/tether-focused-layer-1-stable-raises-28-million-seed-round-to-boost-usdt-adoption
34. Lagarde, C. (2025, September 3). Cutting through the noise: Exercising good judgment in a world of change. Welcome address at the ninth annual conference of the ESRB. ECB. www.ecb.europa.eu/press/key/date/2025/html/ecb.sp250903~10647505c7.en.html
35. Lane, Ph. (2025, March 20). The digital euro: Maintaining the autonomy of the monetary system. Keynote speech. University College Cork Economics Society Conference 2025. ECB. www.ecb.europa.eu/press/key/date/2025/html/ecb.sp250320_1~41c9459722.en.html
36. Levine, M. (2022). The crypto story. Part III: The crypto financial system. Bloomberg. www.bloomberg.com/features/2022-the-crypto-story/#the-crypto-financial-system
37. Mai, H. (2022, March 25). Stablecoins: DeFi, Libra and beyond. (EU Monitor Global financial markets). Deutsche Bank Research. www.dbresearch.de/PROD/RPS_EN-PROD/PROD0000000000522496/Stablecoins%3A_DeFi%2C_Libra_and_beyond.PDF?&undefined&realload=3IIn3xxn1VRVot3UjjuwOacNiKqyC/x61yVw8kFuMegaxkslVLs45UI8X2gZvBd4/
38. Mancini-Griffoli, T. (2025, September). The Money Dialogues. Finance & Development. www.imf.org/en/Publications/fandd/issues/2025/09/the-money-dialogues-tommaso-mancini/
39. Mason, E. (2025, December 16). Visa offers stablecoin settlement for US banks using Circle’s USDC. Bloomberg. www.bloomberg.com/news/articles/2025-12-16/visa-offers-stablecoin-settlement-for-us-banks-using-circle-s-usdc/
40. Michie, R. (2016). British Banking. Continuity and Change from 1694 to the Present. Oxford University Press. doi.org/10.1093/acprof:oso/9780198727361.001.0001
41. Oliver, J. (2024). Hype machine: How greed, fraud and free money crashed crypto. Heligo Books.
42. Otychenko, I. (2026, January 30). Stablecoin landscape in 2025: How it reached a $60 trillion transfer volume. CEX.IO. blog.cex.io/ecosystem/stablecoin-annual-report-2025-35343/
43. Quinn, S., & Roberds, W. (2010). How Amsterdam got fiat Money (Working Paper 2010-17). Federal Reserve Bank of Atlanta. doi.org/10.2139/ssrn.2481165; papers.ssrn.com/sol3/papers.cfm?abstract_id=2481165/
44. Bessent, S. (2025, November 12). Remarks by Secretary of the Treasury Scott Bessent before the Treasury Market Conference. U.S. Department of the Treasury. home.treasury.gov/news/press-releases/sb0314/
45. Reynolds, S. (2025, April 2). Tron's Justin Sun Bailed Out TUSD as Stablecoin's $456M Reserves Were Stuck in Limbo, Filings Show. CoinDesk. www.coindesk.com/markets/2025/04/02/tron-s-justin-sun-bailed-out-tusd-as-stablecoin-s-usd456m-reserves-were-stuck-in-limbo/
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