STABLECOINS AND SMART CONTRACTS IN THE EUROPEAN ECONOMY AND INNOVATION OPPORTUNITIES FOR COUNTRIES SEEKING ACCESSION TO THE EUROPEAN UNION
DOI:
https://doi.org/10.35774/jee2026.03.524Keywords:
digital economy, European economy, European integration, Eurozone, financial architecture, innovative leadership, quantum logic, smart contracts, stablecoins.Abstract
This article examines the economic nature of stablecoins and smart contracts as key institutions of the European Union’s digital financial architecture and as instruments for the transformation of the EU’s monetary sovereignty. It highlights their role in the transformation of the European economy, the payment systems of Member States and candidate countries, modern financial intermediation, and innovative leadership. Stablecoins and smart contracts should be viewed not only as financial and technological innovations, but also as institutional mechanisms for shaping a new, modern digital architecture of the European economy, in which the programmability of digital payments and money, the tokenisation of assets and the algorithmisation of financial relations form the basis for innovative leadership and the transformation of the European economic space. A conceptual model is proposed for the integration of these instruments into the national economies of candidate countries, notably Ukraine, taking into account European regulatory approaches. Directions for the practical testing of stablecoins within the context of European integration for countries seeking accession to the European Union are substantiated. It is evidenced that, for Ukraine and other candidate countries, digital financial integration could become an additional tool for economic convergence and the acceleration of European integration, provided that national regulation is aligned with European standards.
JEL: E42, E44, E52, G21, F15, O33.
References
Angelini, P. (2026, April 20). DLT and stablecoins: Where do we stand? (Speech). Banca d’Italia. https://www.bancaditalia.it/pubblicazioni/interventi-direttorio/int-dir-2026/20260420-angelini/index.html
Bechtel, A., Ferreira, A., Gross, J., & Sandner, P. G. (2021). The future of payments in a DLT-based European economy: A roadmap. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3751204
Eichengreen, B., & Viswanath-Natraj, G. (2022). Stablecoins and central bank digital currencies: Policy and regulatory challenges. Asian Economic Papers, 21(1), 29–46. https://doi.org/10.1162/asep_a_00843
European Commission. (2020). Digital finance strategy for the EU (COM (2020) 591 final). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:52020DC0591
European Commission. (n.d.). European Quantum Communication Infrastructure – EuroQCI (Policy Report). https://digital-strategy.ec.europa.eu/en/policies/european-quantum-communication-infrastructure-euroqci
European Commission. (2025). Quantum Europe strategy: Quantum Europe in a changing world (COM(2025) 363 final). https://digital-strategy.ec.europa.eu/en/library/quantum-europe-strategy
Haven, E., & Khrennikov, A. (Eds.). (2017). The Palgrave handbook of quantum models in social science: Applications and grand challenges. Palgrave Macmillan. https://doi.org/10.1057/978-1-137-49276-0
Howcroft, E. (2025, June 11). Societe Generale becomes first major bank to launch dollar-pegged stablecoin. Reuters. https://www.reuters.com/business/finance/societe-generale-launch-dollar-pegged-stablecoin-2025-06-10
Krause, D. (2026). The status of the CLARITY Act and the future of U.S. digital asset regulation. SSRN Electronic Journal. https://ssrn.com/abstract=6484840
Krogstrup, G. S. (2026). Stablecoins and the monetary and financial system. Intereconomics, 61(2), 65–68. https://doi.org/10.2478/ie-2026-0014
Laboure, M., & Siazon, C. (2026). The great rebalancing – Act I: Currencies (Research Report). Deutsche Bank Research Institute. https://www.dbresearch.com/PROD/IE-PROD/PDFVIEWER.calias?pdfViewerPdfUrl=PROD0000000000616446&rwnode=REPORT
Martino, E. D., Monnet, E., & Perotti, E. (2026). Stablecoins without borders: Stablecoin multi-country issuance and dollar-run risks in Europe (CEPR Policy Insight No. 151). CEPR. https://cepr.org/publications/policy-insight-151-stablecoins-without-borders-stablecoin-multi-country-issuance-and
Mazzucato, M. (2018). Mission-oriented innovation policies: Challenges and opportunities. Industrial and Corporate Change, 27(5), 803–815. https://doi.org/10.1093/icc/dty034
Perez, C. (2002). Technological revolutions and financial capital: The dynamics of bubbles and golden ages. Edward Elgar Publishing. https://doi.org/10.4337/9781781005323
RWA.io (2025, December 14). RWA tokenization whitepaper: Free PDF. https://www.rwa.io/post/rwa-tokenization-whitepaper-free-pdf
Sandner, P. G., Gross, J., & Chung, J. C. (2022). The programmable euro: Review and outlook. SSRN Electronic Journal. https://ssrn.com/abstract=3971464
Santner, M., & Taudes, A. (2025). The impact of MiCAR on the Euro stablecoin market (Working Paper Series / Institute for Cryptoeconomics / Interdisciplinary Research). WU Vienna University of Economics and Business. https://doi.org/10.57938/dccaf62b-30f6-4824-b4a0-2a240b081ce2
Sharov, O. (2026). Development of the eurozone enlargement mechanism. Journal of European Economy, 25(1), 181–203. https://doi.org/10.35774/jee2026.01.181
Sulzhenko, O. (2026, May 7). Risks to the eurozone economy, a new model for financing Ukraine and adapting to cyber threats: An interview with Sébastien de Brouwer, deputy CEO at European Banking Federation. UA.News. https://ua.news/en/world/riziki-dlia-ekonomiki-es-nova-model-finansuvannia-ukrayini-i-adaptatsiia-do-kiberzagroz-interviu-z-sebastianom-de-bruverom-zastupnikom-generalnogo-direktora-ebf
Vanhoudt, P. (2026). Anchoring Europe’s monetary future: Why a wholesale digital euro is the immediate priority. Intereconomics, 61(2), 73–80. https://doi.org/10.2478/ie-2026-0016
Verkhovna Rada of Ukraine. (2026, April 6). Proiekt Zakonu pro vnesennia zmin do deiakykh zakonodavchykh aktiv Ukrainy shchodo zabezpechennia vidpovidnosti aktam prava Yevropeiskoho Soiuzu ta vidpovidnym kryteriiam, vstanovlenym Yevropeiskoiu platizhnoiu radoiu, z metoiu pryiednannia Ukrainy do Yedynoi zony platezhiv u yevro (SEPA) [Draft law on amendments to certain legislative acts of Ukraine to ensure compliance with European Union legal acts and the relevant criteria established by the European Payments Council, for Ukraine’s accession to the Single Euro Payments Area (SEPA); in Ukrainian] (Bill No. 14327-d). https://itd.rada.gov.ua/billinfo/Bills/Card/69818
Received: June 15, 2026.
Reviewed: September 15, 2026.
Accepted: September 22, 2026.
Downloads
Published
How to Cite
Issue
Section
License
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
