Abstract:

The article is devoted to stablecoin issues and their functioning features in the financial system. The nature of stablecoins and major ways of their use are revealed. Also impact of the global economic crisis on stablecoins is analysed. It was observed that at a time of decreased volatility stablecoins are primarily used as a safe haven for traders in the crypto-asset market. The study about the local stablecoins development in the global economic crisis in 2020 showed the constant market prices of assets-backed stablecoins against the high volatility of other crypto-assets. In contrast, the growing interest in applying global stablecoins under the new reduction volatility mechanisms may encourage extensive use of stablecoins in both retail and wholesale payments at the international level.