Stablecoins And National Currency Stability: Impacts and Regulatory Mechanisms in The Digital Financial System

This article investigates the impact of stablecoins — blockchain-based tokens pegged to fiat currencies — on the stability of national currencies and analyzes regulatory frameworks designed to govern them within digital financial systems. Using a comparative methodology drawing on macroeconomic data from six emerging-market economies and a cross-jurisdictional review of five regulatory regimes (EU, USA, Singapore, Japan, and Uzbekistan), the study finds that high-inflation economies face material risks of monetary sovereignty erosion through stablecoin-driven currency substitution, capital flow bypass, and monetary policy transmission impairment. Conversely, well-designed regulatory frameworks — anchored by full reserve requirements, issuer licensing, and systemic significance thresholds — can preserve financial stability while capturing the efficiency benefits of stablecoin technology. The article argues for a risk-proportionate, internationally coordinated regulatory approach and highlights implications for Uzbekistan's evolving digital finance framework.