STABLECOINS: BENEFITS AND RISKS FOR FINANCIAL STABILITY OF SUSTAINABLE DEVELOPMENT

Анотація

Objective. The objective of the present article is to identify the benefits and risks of stablecoins for the financial stability of sustainable development. Methods. In the research process, the following general scientific methods and techniques of cognition were used: methods of scientific abstraction, analysis and synthesis (to study the essence of decentralized finance, stablecoins), systematic generalization (to systematize the categorical apparatus of decentralized finance research, to determine the essence of stablecoins and their types, the positive aspects of stablecoins, highlighting the risks of using stablecoins, measures to reduce the risks associated with their use). Results. Based on the results of the conducted research, the essence and types of stablecoins, the advantages and disadvantages of stablecoins by category were determined; the advantages of stablecoins (reliable, transparent, secure decentralized structure, low volatility, technical and physical security against manipulation, automatic execution of contracts, no need for an element of trust, reduction of the cost of transactions when increasing their speed, protection of capital from market instability, use by traders and investors for hedging risks, protection against high inflation rates, automation and lack of regulation, economic efficiency); the risks of using stablecoins are highlighted (market risks (vulnerability to the volatility of the crypto market), liquidity risks, cyber risks (asset theft, undermining the reputation of platforms, which can lead to withdrawal of funds by depositors), money laundering and terrorist financing risks, legal and legal uncertainties; the issue of regulation is considered stablecoins; measures to reduce the risks associated with the use of stablecoins are defined.

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