STABLECOINS, CENTRAL BANK DIGITAL CURRENCIES, AND THE FUTURE OF THE MONETARY SYSTEM
DOI:
https://doi.org/10.58268/eb.v5i1.280Kata Kunci:
stablecoin; CBDC; kedaulatan moneter; stabilitas keuangan; tokenisasi; pembayaran digital., stabelcoin, CBDC, Kedaulatan moneter, stabilitas keuangan, tokenisasi, pembayaran digital, stablecoins; CBDC; monetary sovereignty; financial stability; tokenisation; digital paymentsAbstrak
Stablecoin dan central bank digital currency (CBDC) menjadi topik utama dalam pembahasan masa depan sistem moneter karena keduanya mempertemukan isu efisiensi pembayaran, kedaulatan moneter, stabilitas keuangan, desain hukum, dan transformasi digital. Artikel ini menganalisis bagaimana uang digital swasta dalam bentuk stablecoin dan uang digital publik dalam bentuk CBDC dapat membentuk ulang sistem moneter. Penelitian menggunakan structured qualitative review yang sepenuhnya disusun dari artikel asli pengguna dengan basis dokumen resmi dari BIS, IMF, FSB, ECB, CPMI-IOSCO, dan publikasi bank sentral terpilih. Hasil kajian menunjukkan bahwa stablecoin dapat meningkatkan kecepatan pembayaran, programmability, dan efisiensi lintas batas tertentu, tetapi juga menimbulkan risiko kualitas cadangan, potensi run, substitusi deposito, konsentrasi pasar, dan ketergantungan pada mata uang asing. Sementara itu, CBDC dipelajari bukan hanya sebagai pengganti uang tunai, melainkan sebagai instrumen publik strategis untuk menjaga peran uang bank sentral, mendorong persaingan sistem pembayaran, dan memperkuat ketahanan di tengah perkembangan tokenised finance. Artikel ini berargumen bahwa masa depan sistem moneter kemungkinan besar bersifat hibrida, yaitu koeksistensi uang tunai, cadangan bank sentral, deposito bank, tokenised deposits, stablecoin yang diatur ketat, sistem pembayaran cepat, dan bentuk CBDC tertentu. Implikasi kebijakan utamanya adalah bahwa uang publik harus tetap menjadi jangkar kepercayaan di lingkungan digital, sementara inovasi swasta perlu berkembang dalam kerangka interoperabilitas, perlindungan konsumen, dan pengamanan prudensial yang kuat
Referensi
Ahmed, R. (2025). Stablecoins and safe asset prices *. 1–32.
Ahmed, R., Aldasoro, I., & Duley, C. (2025). Public information and stablecoin runs. BIS Working Papers, 2024(1164).
Ante, L., Fiedler, I., Willruth, J. M., & Steinmetz, F. (2023). A Systematic Literature Review of Empirical Research on Stablecoins. FinTech, 34–47.
Buchan, J., & Üngör, M. (2026). Monetary sovereignty in the digital age : the role of Central bank digital currencies. International Journal of Political Economy, 0(0), 1–21. https://doi.org/10.1080/08911916.2026.2624900
Cengiz, F. (2025). Stablecoins and their regulation : a Hayekian approach. Journal of International Economic Law, 00(00), 204–223. https://doi.org/https://doi.org/10.1093/jiel/jgaf014
Chiu, J. (2024). Public and private money creation for distributed ledgers: Stablecoins, tokenized deposits, or central bank digital currencies? Staff Working Paper.
Demirgüç-Kunt, A. (2021). Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19. World Bank Group.
Ianenko, M., Ianenko, M., Huhlaev, D., & Martynenko, O. (2019). Digital transformation of trade: Problems and prospects of marketing activities. IOP Conference Series: Materials Science and Engineering, 497(1), 1–6. https://doi.org/10.1088/1757-899X/497/1/012118
Kochergin. (2019). Central bank Digital Currencies: Key Characteristics and Directions of Influence on Monetary and Credit and Payment Systems. FINANCE: THEORY AND PRACTICE, 74(045), 80–98. https://doi.org/10.26794/2587-5671-2019-23-4-80-98
Kochergin. (2020). Economic Nature and Classification of Stablecoins. FINANCE: THEORY AND PRACTICE, 76(045), 140–160. https://doi.org/10.26794/2587-5671-2020-24-6-140-160
Kosse, A., & Mattei, I. (2023). Making headway – Results of the 2022 BIS survey on central bank digital currencies and crypto. BIS Papers, 136.
Kristoufek, L. (2022). On the role of stablecoins in cryptoasset pricing dynamics. Financial Innovation, 8. https://doi.org/10.1186/s40854-022-00343-8
Nasiba, K. (2024). Navigating The Ethical Landscape Of Digital Currencies. Texas Journal of Multidisciplinary Studies, 39(December), 42–45.
Nikolaou, I., Vakola, M., & Bourantas, D. (2008). Who speaks up at work? Dispositional influences on employees’ voice behavior. Personnel Review, 37(6), 666–679. https://doi.org/10.1108/00483480810906892
Oommen, E. (2024). The Economics of Digital Currencies : Implications for Financial Systems and Economic Policy. Journal of Research & Development’ A Multidisciplinary International Level Referred and Peer Reviewed Journal, 11.
Papadopoulos, A. G., & Fratsea, L. (2023). ( NON- ) INSTITUTIONAL MANIFESTATIONS OF MIGRANT INFRASTRUCTURES FOR REFUGEES. Europa XXI, 44, 57–73.
Shin, J. I., Chung, K. H., Oh, J. S., & Lee, C. W. (2013). The effect of site quality on repurchase intention in Internet shopping through mediating variables: The case of university students in South Korea. International Journal of Information Management, 33(3), 453–463. https://doi.org/10.1016/j.ijinfomgt.2013.02.003
Tang, M. (2024). A Comparative Study of ABRSM and the Chinese Piano Examination. Journal of Education, Humanities and Social Sciences, 26, 698–703. https://doi.org/10.54097/9rt2bq63
Utami, W. A., Rikza, A., Anggresta, P., & Nuryananda, P. F. (2022). The Role of Institutional Collaboration Between Actors in Protecting the Economic Security of Indonesian Migrant Workers With Financial Literacy. Jurnal Bina Praja, 14, 373–383.
Wilson, G., Johnson, O., & Brown, W. (2024). The Impact of Artificial Intelligence on Digital Marketing Strategies Marketing Strategies. https://doi.org/10.20944/preprints202408.0276.v1
Zeb, A., Sheikh, M., Khan, A. A., Ali, M., & Engineering, C. S. (2025). FinTech 4.0 and the Future of Global Finance: Blockchain, Artificial Intelligence, and Big Data as Catalysts of Digital Financial Innovation. Research Journal for Social Affairs, 03(06), 377–395. https://doi.org/10.71317/RJSA.003.06.0463
Unduhan
Diterbitkan
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2026 Kurbanbayeva Marjona, Netti Nurhayati, Inomjon Qudratov
Artikel ini berlisensi Creative Commons Attribution 4.0 International License.
