Механизмы влияния децентрализованных финансов на финансовую стабильность

Финансовый бизнес. 2025. № 6 (264). С. 120–127.

Ионцев М. А.

This article proposes a methodology for systemic risk assessment within a conventional financial system adapted to the specifics of the digital asset ecosystem, which distinguishes between vulnerabilities and shocks. Thus, shocks are sudden or unexpected events that have a negative impact on the financial system, while financial vulnerabilities are factors that increase the negative impact of shocks on the financial system, which will be discussed in this article. The main focus is on financial vulnerabilities explaining the instability of the digital asset system over the short period of its existence. Furthermore, the potential impact of the digital asset ecosystem on the level of systemic risk is considered - the likelihood of large-scale failures in the provision of financial and payment services, which can have serious negative consequences for the real economy. For this reason, we analyse possible channels through which tensions in the system of digital assets might be transmitted to the conventional financial system and ultimately destabilise the real sector of the economy.

Keywords: экономический анализ, financial stability, economic analysis, цифровые валюты, digital currencies, stablecoins, стейблкоины, иностранные цифровые права, foreign digital tokens, финансовые стабильность