Subject. The study examines the economic and institutional relations that arise in the issuance, circulation and regulation of stablecoins on the global digital finance market. Objectives. The purpose is to provide a comprehensive analysis of the world stablecoin market, detailing its structure, capitalization dynamics, and regulatory challenges. Methods. The study employs a descriptive–analytical approach and comparative analysis. Capitalization and supply series from open databases and reports are aggregated to monthly medians. The BIS taxonomy supports the classification, while regulatory trends are reviewed using FSB, EU?(MiCA), and Bank of Russia documents. Results. I identified four core stablecoin types, i.e. fiat backed, crypto collateralized, algorithmic, and hybrid, disclosed their stabilization mechanisms and main pros and cons. Sector capitalization expanded from about USD?2.7?bn (2018) to USD?232?bn (March?2025); USDT and USDC represent over 90?% of the total, pointing to strong market concentration. Stablecoins serve a dual role: (i) an internal settlement asset for crypto trading and DeFi (over 50?% of TVL) and (ii) a cross border payment tool in economies with currency controls. In Russia, a legal vacuum persists: domestic use of private stablecoins is constrained, yet interest is rising in their application to foreign trade and in issuing State backed tokens. Aligning innovation with financial stability requirements is, therefore, critical. Conclusions. Stablecoins have become a system forming element of digital finance. Sustainable growth demands internationally harmonized rules on reserve disclosure and supervision, while Russia must balance cryptoisation risks against business demand for inexpensive digital settlements.
Keywords: stablecoin, market capitalization, fiat?backed tokens, DeFi, digital ruble
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