Stablecoins and the Legal Architecture of Financial Sovereignty: A BRICS+Iran Perspective on Resistance and Regulation

Stablecoins—cryptocurrencies pegged to stable assets—are emerging as a key component of the evolving global financial system. While initially seen as a technical solution to the volatility of traditional crypto-assets, stablecoins have since become potent tools in economic and geopolitical strategy. For countries like those in the BRICS group and Iran, stablecoins are more than a technological innovation; they represent a potential mechanism for enhancing financial sovereignty, bypassing Western-dominated financial institutions, and establishing a parallel transactional architecture. This paper explores the legal and regulatory dimensions of stablecoins through the lens of financial sovereignty, with particular emphasis on how BRICS countries and Iran are using (or resisting) these instruments in response to global financial centralization and sanctions regimes. Through a comparative analysis and legal-structural assessment, the study reveals that while these nations recognize the potential of stablecoins, they face critical challenges related to legal clarity, interoperability, international compliance, and internal regulatory fragmentation. Ultimately, this paper proposes a coordinated legal framework to support a unified stablecoin strategy among BRICS and allied nations like Iran.

کلیدواژه ها:

Stablecoins ، Financial Sovereignty ، BRICS ، Iran ، Crypto Regulation ، Monetary Policy ، Sanctions ، International Law