TRANSFORMATION OF THE FINANCIAL PARADIGM UNDER THE INFLUENCE OF INNOVATIVE MONETARY FORMS AND PAYMENT INFRASTRUCTURES

Abstract

The presented study provides a comprehensive analysis of the determinants and consequences of the transformation process of the global financial system, which was initiated by the spread of innovative forms of money and payment services. Based on a systematic approach and the analysis of empirical data, the authors explore the genesis and evolution of phenomena such as crypto-assets, stablecoins, central bank digital currencies (CBDCs), and decentralized finance platforms (DeFi). The study focuses on their disruptive impact on traditional financial institutions, monetary policies, and the architecture of payment systems. The paper identifies and classifies key advantages, such as increased financial inclusion and efficiency of settlements, as well as systemic risks associated with volatility, cybersecurity issues, and regulatory arbitrage problems. The final part of the article provides a predictive assessment of the development vectors of the financial sector in the context of the formation of a new digital ecosystem.