XV Международная студенческая научная конференция Студенческий научный форум - 2023

The development of the payment system entails an increasing modernization of money. At the moment, the pinnacle of the development of money is the cryptocurrency, which ensures the reliability and security of transactions through the blockchain system. However, the value of a cryptocurrency is largely determined by the trust in one or another type of crypto money, which makes this currency extremely volatile. There are many cases of a sharp drop or frequent jumps in the value of a cryptocurrency. This factor is one of the main reasons for the creation of stablecoins - one of the varieties of altcoins. The concept of altcoin includes all cryptocurrencies created as an alternative to Bitcoin.

A stablecoin is a subspecies of a cryptocurrency that claims to be based on the exchange rate of a certain fiat currency or precious metals [1].

The main difference between this cryptocurrency and the classical one is higher reliability, due to the reliance on the exchange rate through internal regulation and taking measures to normalize the price in case of its sharp collapse or increase [2]. There are three levels of dependence of fiat stablecoins, these are:

1. Control of the currency that supports the crypto asset, so the most frequent means of supporting the token is the US dollar, which is supported and controlled by the Federal Reserve.

2. Banking control, which is ensured by the need to store physical assets that support crypto money.

3. The organization that manages the crypto asset and is the issuer [3].

In addition to those backed by currencies and metals, there are several more types of stablecoins, such as:

1. Tokens backed by another cryptocurrency.

2. Unsecured tokens. This type of stablecoin is not backed by anything and works on the principle of smart contracts that maintain the price of one token at the level of one unit of fiat money. Thus, there are several principles for maintaining the exchange rate of stablecoins, each of which has its own positive and negative sides [4].

For the most part, the stablecoin does not support the mining process due to the complex adaptation of the exchange rate, however, some private organizations, like Kowala, have issued their stablecoins (kUSD) and miningcoins (mUSD), which are a reward, and a rate close to the dollar is provided by changing the reward for mining coins and burning commissions during transactions [5].

The advantages include:

1. Low volatility compared to other cryptocurrencies.

2. Transparency of transactions with stablecoins, which entails an increase in the level of trust.

3. Speed ​​of transactions.

4. The possibility of everyday use by providing fiat assets.

5. It is a good option for investors, because tokens are less volatile and rely on currency.

The negatives include:

1. Centralization of some types, which deprives them of the main feature of cryptocurrency, protection from outside influence. Despite this, there are decentralized stablecoins.

2. Lack of mining or difficulty in its implementation.

3. Exposure to inflation due to reliance on real currency.

4. Dependence on trust in the company to the issuer remains, even if this indicator has a weaker effect on the price of the currency.

5. Dependence on the underlying asset, which can also fall in price, leading the cryptocurrency [6].

The main types of stablecoins are:

1. TetherUSDT

2. USD Coins

3. Binance USD

4 Dai Dai

5. Frax FRAX

Thus, the stablecoin is a new, but promising cryptocurrency, which may well become the future analogue of existing money due to its constant exchange rate.

Literature:

1. Everything you need to know about cryptocurrency. Glossary of terms. [Electronic resource]. – https://www.rbc.ru/crypto/news/5f95b6d79a7947d04d2375e0

2. What are stablecoins and how to use them? [Electronic resource]. – https://vc.ru/crypto/277749-chto-takoe-steybl-koiny-i-kak-ih-ispolzovat?ysclid=l35uhswywf

3. 10 facts about the Fed. [Electronic resource]. – https://pikabu.ru/story/10_faktov_o_frs_1_6934691?

4. What are stablecoins and how do they differ from cryptocurrencies. [Electronic resource]. – https://wallbtc.info/steyblkoinyi-i-chem-oni-otlichayutsya-ot-kriptovalyut/?

5. Stablecoin (stable cryptocurrencies) can also be mined. [Electronic resource]. – http://crypto-obzor.ru/stablecoin-kowala-mining/

6. What are cryptocurrency-backed stablecoins and how do they work. [Electronic resource]. – https://ru.bitcoinethereumnews.com/crypto/what-are-crypto-collateralized-stablecoins-and-how-they-work/?ysclid=l35yxy5g7p

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