A method for assessing the moneyness of stablecoins and its application

The objective of the study is to develop a method for assessing the moneyness of stablecoins and to demonstrate its application to the quality-adjusted accounting of digital money substitutes. The methodological basis includes functional and institutional approaches to money analysis, comparative and structural analysis, index modeling, and quality-weighted aggregate assessment. The article proposes an integral stablecoin moneyness index based on four blocks: reserve quality, robustness of redemption rights and procedures, operational resilience and settlement finality, and legal and regulatory status. The method is tested on a pilot sample comprising USDT, USDC, DAI, EURC, and USDe. The results show that nominal market capitalization does not fully reflect the monetary quality of a stablecoin. USDC and EURC demonstrate the highest index values in the sample, whereas USDT, USDe, and DAI have a lower degree of moneyness due to redemption restrictions, collateral design, or legal uncertainty. The study concludes that monetary analysis should move from nominal stablecoin mass to a quality-adjusted measure.