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Comparative Analysis of Stablecoin Architectural Features in Fragmented Regulatory Environments

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  • Andrey Vlasov

    (International Laboratory of Experimental and Behavioral Economics, HSE University, 11 Pokrovsky Boulevard, 109028 Moscow, Russia
    Institute of Psychology Russian Academy of Sciences, 13K1 Yaroslavskaya Str., 129366 Moscow, Russia)

  • Andrey Egorov

    (Faculty of Economic Sciences, HSE University, 20 Myasnitskaya Ul., 101100 Moscow, Russia)

  • Alexander M. Karminsky

    (Faculty of Economic Sciences, HSE University, 20 Myasnitskaya Ul., 101100 Moscow, Russia)

Abstract

Amidst the escalating geopolitical fragmentation of the global financial system, divergent stablecoin architectures are emerging. This study employs Qualitative Comparative Analysis (QCA) and introduces a formalized ‘Geopolitical Stablecoin’ (GPSC) model to conduct a systematic comparison of three representative cases: A quasi-sovereign asset within a coordinated closed-loop system, a commercial asset with global open-market circulation, and a state-issued asset representing a failed local initiative. Our analysis reveals that in the model implemented as a quasi-sovereign asset, parameters traditionally viewed as vulnerabilities—such as reserve opacity and a high degree of centralization—are functionally reinterpreted as elements ensuring its operational resilience. In contrast, the risks associated with the commercial asset model are emergent properties of its scale and decentralized distribution. The findings highlight the necessity for a differentiated regulatory approach aimed at targeted intervention in key architectural components of the model rather than the use of universal bans.

Suggested Citation

  • Andrey Vlasov & Andrey Egorov & Alexander M. Karminsky, 2026. "Comparative Analysis of Stablecoin Architectural Features in Fragmented Regulatory Environments," FinTech, MDPI, vol. 5(1), pages 1-22, March.
    • Handle: RePEc:gam:jfinte:v:5:y:2026:i:1:p:21-:d:1878628
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