Development of the digital financial assets market in the context of the digital transformation of the global economy
- Authors: Khmeleva G.A.1, Materova E.S.1
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Affiliations:
- Samara State University of Economics
- Issue: No 3 (2025)
- Pages: 21-29
- Section: Articles
- URL: https://vektornaukieconomika.ru/jour/article/view/882
- DOI: https://doi.org/10.18323/3034-2074-2025-3-62-2
- ID: 882
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Abstract
The recent rise in popularity of cryptocurrencies, the real asset tokenization, and the emergence of central bank digital currencies (CBDC) are stimulating the formation of a new economic sector – the digital financial asset (DFA) market, which is transforming traditional approaches to investment, settlements, and regulation. The correlation of national economies with these trends largely determines both their global competitiveness and their overall development independence. This paper sets and implements the objective of a comprehensive study of the DFA market through its key segments – cryptocurrencies, stablecoins, tokenized assets, and central bank digital currencies – in terms of such indicators as the dynamics of these sectors, capitalization, and geographic distribution. In addition to identifying trends specific to each sector, the study results show that the DFA market is structurally evolving from cryptocurrencies to asset tokenization (RWA) and stablecoins, and then to CBDC. The identified patterns allowed developing a three-stage model for the DFA market adaptation in Russia. The model includes stages of adaptation (regulatory liberalization, launch of the digital ruble), integration (commodity export tokenization, stablecoin settlements in the EAEU), and transformation (introduction of digital financial assets in small and medium-sized enterprises), issuance of sovereign digital assets). The results obtained can be used by regulators and financial institutions to formulate a strategy for developing digital finance in the context of sanctions and to achieve technological sovereignty.
About the authors
Galina A. Khmeleva
Samara State University of Economics
Email: galina.a.khmeleva@yandex.ru
ORCID iD: 0000-0003-4953-9560
Doctor of Sciences (Economics), Professor, professor of Chair of Regional Economics and Management, chief researcher of Center for Studies of Countries of Asia, Africa and Latin America
Russian Federation, 443090, Samara, Sovetskoy Armii Street, 141Elena S. Materova
Samara State University of Economics
Author for correspondence.
Email: nedlen63@yandex.ru
ORCID iD: 0000-0001-7262-3256
PhD (Economics), Associate Professor, assistant professor of Chair of Economic Theory
Russian Federation, 443090, Samara, Sovetskoy Armii Street, 141References
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