디지털 규율인가, 민간 리스크인가? -법정화폐 기반 스테이블코인에 대한 경제학 관점을 바탕으로 = Digital Discipline or Private Risk? A History of Economic Thought Perspective on Fiat-Backed Stablecoins

다국어 초록 (Multilingual Abstract)

Fiat-backed stablecoins are digital assets peg one-to-one with sovereign currencies and have emerged as a pillar of financial innovation. This paper examines stablecoins through the theoretical frameworks of the Classical, Keynesian, and Austrian schools of economics. From the Classical and Monetarist perspective, stablecoins raise doubts about whether they truly offer a solid “real anchor” or operate under transparent and consistent “rules.” Keynesians, meanwhile, argue that the global spread of large-scale stablecoins could erode national monetary sovereignty and accelerate “digital dollarization”. In contrast, the Austrian school views the stablecoin ecosystem as a real-world experiment in monetary rivalry, raising the key question of whether this competition will drive a “race to the top” or a “race to the bottom”. The future trajectory of stablecoins depends on whether regulatory frameworks can balance private-sector innovation with the need to maintain monetary and financial stability.