Emerging Applications of Stablecoins and the Legal-Regulatory Issues They Raise

Stablecoins are digital assets whose significance for the global payments infrastructure is rapidly increasing. As global regulation becomes more transparent, stablecoins are evolving from instruments used primarily for cryptocurrency trading into critical solutions for enhancing the efficiency and programmability of payments, disbursements, and remittances. The paper analyzes emerging applications of stablecoins, including pilot projects of the international payment systems Visa and Mastercard, initiatives of the interbank system SWIFT to integrate blockchain infrastructure, and projects aimed at creating national stablecoins. Particular attention is devoted to a comparative review of regulatory approaches adopted in various jurisdictions (the United States, the People’s Republic of China, the European Union, the United Arab Emirates, Kazakhstan, Kyrgyzstan, et al.), including requirements relating to reserves, disclosure, redemption, and compliance. In light of the expanding use of stablecoins in cross-border settlements, the article examines debated issues concerning their legal classification and prospective directions for their regulation under Russian law.

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