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SciNotesIBISciNotesIBIУченые записки Международного банковского институтаProceedings of the International Banking InstituteProceedings of the International Banking InstituteУченые записки Международного банковского институтаМеждународный банковский институтRUhttps://www.ibispb.ru/2413-3345474TOQMHJСтатьиМетодика оценки степени денежности стейблкоинов и ее применениеA method for assessing the moneyness of stablecoins and its applicationАлександров Никита ЛенаровичAleksandrovNikita Lenarovich

postgraduate student

Autonomous non-profit organization of higher education «International Banking Institute named after Anatoly Sobchak» (Saint Petersburg, Russia). Address: 191023, Nevsky prospect, 60, Saint Petersburg, Russia, e-mail: aleksannndrov@mail.ru

аспирант

Автономная некоммерческая организация высшего образования «Международный банковский институт имени Анатолия Собчака» (Санкт-Петербург, Россия). Адрес: 191023, Невский пр., 60, Санкт-Петербург, Россия, e-mail: aleksannndrov@mail.ru

Автономная некоммерческая организация высшего образования «Международный банковский институт имени Анатолия Собчака» (Санкт-Петербург, Россия)2026300920263 (57)39929Received: 3092026Copyright (c) 2026 Proceedings of the International Banking Institute2026Proceedings of the International Banking Institute<a rel="license" href="https://creativecommons.org/licenses/by-nc/4.0/"><img alt="Лицензия Creative Commons" src="//i.creativecommons.org/l/by-nc/4.0/88x31.png" /></a><p>Это произведение доступно по <a rel="license" href="https://creativecommons.org/licenses/by-nc/4.0/">лицензии Creative Commons «Attribution-NonCommercial» («Атрибуция — Некоммерческое использование») 4.0 Всемирная</a>.</p>

Цель исследования состоит в разработке методики оценки степени денежности стейблкоинов и демонстрации ее применения при качественно скорректированном учете цифровых денежных заменителей. Методологическую основу работы составляют функциональный и институциональный подходы к анализу денег, сравнительный и структурный анализ, индексное моделирование, а также качественно-взвешенная агрегатная оценка. В статье предложен интегральный индекс степени денежности стейблкоина, включающий четыре блока: качество резервного обеспечения, прочность прав и процедур выкупа, операционную устойчивость и определенность окончательности расчетов, правовой и регуляторный статус. Апробация выполнена на выборке USDT, USDC, DAI, EURC и USDe. Полученные результаты показывают, что номинальная рыночная капитализация стейблкоина не отражает в полной мере его денежное качество. Наиболее высокие значения индекса в пилотной выборке получили USDC и EURC, тогда как USDT, USDe и DAI характеризуются более низкой степенью денежности вследствие ограничений выкупа, особенностей обеспечения или правовой неопределенности. Практическая значимость работы связана с уточнением подходов к анализу цифровой ликвидности. Сделан вывод о необходимости перехода от учета номинальной стейблкоин-массы к ее качественно скорректированному измерению.

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.

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