{"id":109158,"date":"2026-06-06T12:05:09","date_gmt":"2026-06-06T12:05:09","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/109158\/"},"modified":"2026-06-06T12:05:09","modified_gmt":"2026-06-06T12:05:09","slug":"ocima-byznysu-vypadaji-jako-penize-ale-nejsou-nenapadna-zmena-pravidel-hry","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/109158\/","title":{"rendered":"O\u010dima byznysu: Vypadaj\u00ed jako pen\u00edze, ale nejsou. Nen\u00e1padn\u00e1 zm\u011bna pravidel hry"},"content":{"rendered":"

O stablecoinech se dnes mluv\u00ed t\u00e9m\u011b\u0159 v\u0161ude\u00a0\u2013 v\u00a0technologick\u00fdch kruz\u00edch, mezi investory i\u00a0v instituc\u00edch, kter\u00e9 tradi\u010dn\u011b stoj\u00ed mimo sv\u011bt kryptoaktiv. P\u0159esto z\u016fst\u00e1v\u00e1 pro \u0161ir\u0161\u00ed ve\u0159ejnost \u010dasto nejasn\u00e9, co si pod t\u00edmto pojmem p\u0159edstavit. <\/p>\n

Stablecoin je ve sv\u00e9 podstat\u011b digit\u00e1ln\u00ed token, vlastn\u011b z\u00e1znam v\u00a0elektronick\u00e9 datab\u00e1zi (nap\u0159. blockchainu), jeho\u017e hodnota je nav\u00e1z\u00e1na na jin\u00e9 aktivum. Nej\u010dast\u011bji na klasickou m\u011bnu, jako je dolar nebo euro. Na rozd\u00edl od bitcoinu a\u00a0dal\u0161\u00edch kryptoaktiv, jejich\u017e cena m\u016f\u017ee v\u00fdrazn\u011b kol\u00edsat v\u00a0z\u00e1vislosti na nab\u00eddce a\u00a0popt\u00e1vce trhu, jsou stablecoiny navr\u017eeny tak, aby si udr\u017eovaly stabiln\u00ed hodnotu\u00a0\u2013 tedy aby jeden token m\u011bl dlouhodob\u011b hodnotu nap\u0159\u00edklad jednoho dolaru.<\/p>\n

Z\u00e1sadn\u00ed je v\u0161ak skute\u010dnost, \u017ee stablecoiny nejsou ve\u0159ejn\u00fdmi pen\u011bzi. Nevyd\u00e1v\u00e1 je centr\u00e1ln\u00ed banka a\u00a0jejich stabilita nen\u00ed d\u00e1na m\u011bnovou politikou ani autoritou st\u00e1tu. Jde o\u00a0soukrom\u011b vyd\u00e1van\u00e9 n\u00e1stroje, jejich\u017e d\u016fv\u011bryhodnost stoj\u00ed zejm\u00e9na na tom, zda m\u00e1 jejich vydavatel k\u00a0dispozici dostate\u010dn\u00e9 rezervy a\u00a0je schopen kdykoli vyplatit dr\u017eiteli odpov\u00eddaj\u00edc\u00ed protihodnotu v\u00a0b\u011b\u017en\u00e9 m\u011bn\u011b. Stablecoiny tak do ur\u010dit\u00e9 m\u00edry \u201enapodobuj\u00ed\u201c vlastnosti pen\u011bz, ale m\u00edsto d\u016fv\u011bry v\u00a0centr\u00e1ln\u00ed banku k\u00a0tomu pou\u017e\u00edvaj\u00ed smluvn\u00ed z\u00e1vazky a\u00a0nov\u00e9 technologie.<\/p>\n

Stablecoiny vznikly jako odpov\u011b\u010f na pot\u0159eby digit\u00e1ln\u00ed ekonomiky. Ta toti\u017e dlouho postr\u00e1dala stabiln\u00ed jednotku, kter\u00e1 by umo\u017enila, zjednodu\u0161ila nebo zrychlila p\u0159evod hodnoty odkudkoliv a\u00a0kamkoliv. Dnes se stablecoiny pou\u017e\u00edvaj\u00ed p\u0159edev\u0161\u00edm jako most mezi tradi\u010dn\u00edm finan\u010dn\u00edm syst\u00e9mem a\u00a0sv\u011btem kryptoaktiv. Umo\u017e\u0148uj\u00ed obchodn\u00edk\u016fm rychle p\u0159esouvat prost\u0159edky mezi burzami, firm\u00e1m i\u00a0jednotlivc\u016fm prov\u00e1d\u011bt p\u0159eshrani\u010dn\u00ed platby bez slo\u017eit\u00e9 bankovn\u00ed infrastruktury a\u00a0u\u017eivatel\u016fm dr\u017eet digit\u00e1ln\u00ed \u201everzi\u201c (v\u011bt\u0161inou) americk\u00e9ho dolaru i\u00a0tam, kde je p\u0159\u00edstup k\u00a0bankovn\u00edmu syst\u00e9mu \u010di stabiln\u00ed m\u011bn\u011b omezen\u00fd nebo drah\u00fd.<\/p>\n

Pro b\u011b\u017en\u00e9ho u\u017eivatele v\u00a0zem\u00edch, jako je \u010cesk\u00e1 republika, ale stablecoiny zat\u00edm nep\u0159edstavuj\u00ed p\u0159\u00edmou alternativu ke klasick\u00fdm platebn\u00edm n\u00e1stroj\u016fm. Platebn\u00ed karty nebo okam\u017eit\u00e9 platby jsou dnes rychl\u00e9, spolehliv\u00e9 a\u00a0pro pl\u00e1tce i\u00a0levn\u00e9. Stablecoiny proto sp\u00ed\u0161e dopl\u0148uj\u00ed existuj\u00edc\u00ed syst\u00e9m zejm\u00e9na tam, kde tradi\u010dn\u00ed infrastruktura nar\u00e1\u017e\u00ed na sv\u00e9 limity, nap\u0159\u00edklad p\u0159i glob\u00e1ln\u00edch transakc\u00edch nebo transakc\u00edch vypo\u0159\u00e1d\u00e1van\u00fdch v\u00a0re\u00e1ln\u00e9m \u010dase, a\u00a0to 24\u00a0hodin denn\u011b, sedm\u00a0dn\u00ed v\u00a0t\u00fddnu.<\/p>\n

<\/a><\/p>\n

Jejich dal\u0161\u00ed p\u0159ednost\u00ed je technologick\u00e1 flexibilita. Stablecoiny lze p\u0159ev\u00e1d\u011bt prakticky kdykoli, bez ohledu na otev\u00edrac\u00ed dobu bank, a\u00a0lze je p\u0159\u00edmo propojit s\u00a0tzv. chytr\u00fdmi (smart) kontrakty, kter\u00e9 dok\u00e1\u017eou automaticky realizovat transakce po spln\u011bn\u00ed p\u0159edem stanoven\u00fdch podm\u00ednek. To otev\u00edr\u00e1 prostor pro nov\u00e9 typy finan\u010dn\u00edch slu\u017eeb a\u00a0efektivn\u011bj\u0161\u00ed zp\u016fsoby vypo\u0159\u00e1d\u00e1n\u00ed transakc\u00ed, nap\u0159\u00edklad u\u00a0obchod\u016f s\u00a0tokenizovan\u00fdmi aktivy, jako jsou n\u011bkter\u00e9 dluhopisy nebo akcie, ale i\u00a0um\u011bn\u00ed.<\/p>\n

Sou\u010dasn\u011b s\u00a0t\u00edm v\u0161ak nelze p\u0159ehl\u00ed\u017eet rizika. Stabilita stablecoinu nen\u00ed automaticky zaru\u010dena. Historie uk\u00e1zala, \u017ee i\u00a0do\u010dasn\u00e9 naru\u0161en\u00ed vazby na referen\u010dn\u00ed m\u011bnu m\u016f\u017ee v\u00e9st k\u00a0velk\u00fdm ztr\u00e1t\u00e1m pro jeho dr\u017eitele. Proto je velice d\u016fle\u017eit\u00fdm faktorem kvalita a\u00a0struktura rezerv, kter\u00e9 jednotliv\u00ed vydavatel\u00e9 dr\u017e\u00ed k\u00a0pokryt\u00ed sv\u00fdch z\u00e1vazk\u016f v\u016f\u010di dr\u017eitel\u016fm stablecoin\u016f. Pokud by se hodnota rezerv sn\u00ed\u017eila nebo by nebyly dostate\u010dn\u011b likvidn\u00ed, m\u016f\u017ee doj\u00edt k\u00a0probl\u00e9m\u016fm s\u00a0okam\u017eitou sm\u011bnitelnost\u00ed stablecoin\u016f za b\u011b\u017enou m\u011bnu.<\/p>\n

Z hlediska centr\u00e1ln\u00edch bank je ale kl\u00ed\u010dov\u00e1 zejm\u00e9na \u0161ir\u0161\u00ed syst\u00e9mov\u00e1 perspektiva. Pokud by se stablecoiny ve v\u011bt\u0161\u00edm rozsahu za\u010daly pou\u017e\u00edvat jako alternativa k\u00a0bankovn\u00edm vklad\u016fm, ovlivnilo by to financov\u00e1n\u00ed bank a\u00a0cenu \u00fav\u011br\u016f v\u00a0ekonomice. A\u00a0to se pochopiteln\u011b bank\u00e1m nezamlouv\u00e1, a\u00a0proto zejm\u00e9na ty americk\u00e9 tla\u010d\u00ed na regulaci d\u0159\u00edve, ne\u017e stablecoiny \u201ezmasov\u00ed\u201c. Hovo\u0159\u00ed se o\u00a0p\u0159\u00edsn\u011bj\u0161\u00edch pravidlech tvorby rezerv, z\u00e1kazu \u00faro\u010den\u00ed \u010di podl\u00e9h\u00e1n\u00ed bankovn\u00edmu dohledu. V\u0161e s\u00a0c\u00edlem zabr\u00e1nit vzniku konkuren\u010dn\u00edch \u201ekvazi\u201c bankovn\u00edch \u00fa\u010dt\u016f.<\/p>\n

Je\u0161t\u011b z\u00e1sadn\u011bj\u0161\u00ed je ot\u00e1zka m\u011bnov\u00e9 suverenity. V\u00a0sou\u010dasnosti naprost\u00e1 v\u011bt\u0161ina stablecoin\u016f odkazuje na americk\u00fd dolar. Jejich \u0161ir\u0161\u00ed vyu\u017eit\u00ed by tak mohlo v\u00a0n\u011bkter\u00fdch zem\u00edch v\u00e9st k\u00a0pos\u00edlen\u00ed role ciz\u00ed m\u011bny na \u00fakor m\u011bny dom\u00e1c\u00ed. A\u00a0to se zejm\u00e9na v\u00a0EU, kter\u00e1 politicky \u201etla\u010d\u00ed\u201c sv\u00e9 projekty k\u00a0pos\u00edlen\u00ed postaven\u00ed eura ve sv\u011bt\u011b a\u00a0nahrazen\u00ed americk\u00fdch karetn\u00edch sch\u00e9mat digit\u00e1ln\u00edm eurem, v\u016fbec nel\u00edb\u00ed.<\/p>\n

<\/a><\/p>\n

Na druh\u00e9 stran\u011b nelze stablecoiny vn\u00edmat pouze jako zdroj rizik. P\u0159edstavuj\u00ed nebo v\u00a0budoucnu budou p\u0159edstavovat v\u00fdznamn\u00fd inova\u010dn\u00ed impulz. P\u0159in\u00e1\u0161ej\u00ed nov\u00e9 technologick\u00e9 mo\u017enosti, zvy\u0161uj\u00ed konkurenci ve finan\u010dn\u00edch slu\u017eb\u00e1ch a\u00a0mohou p\u0159isp\u011bt ke sni\u017eov\u00e1n\u00ed n\u00e1klad\u016f, zejm\u00e9na u\u00a0p\u0159eshrani\u010dn\u00edch transakc\u00ed. V\u00a0tomto smyslu lze stablecoiny ch\u00e1pat jako jednu z\u00a0mo\u017en\u00fdch evolu\u010dn\u00edch cest pen\u011bz v\u00a0digit\u00e1ln\u00ed dob\u011b.<\/p>\n

Pr\u00e1v\u011b tato kombinace p\u0159\u00edle\u017eitost\u00ed a\u00a0rizik je d\u016fvodem, pro\u010d stablecoiny p\u0159itahuj\u00ed pozornost regul\u00e1tor\u016f a\u00a0centr\u00e1ln\u00edch bank. \u010cesk\u00e1 n\u00e1rodn\u00ed banka se t\u00e9matu digit\u00e1ln\u00edch pen\u011bz v\u011bnuje dlouhodob\u011b a\u00a0v r\u00e1mci sv\u00fdch analytick\u00fdch a\u00a0experiment\u00e1ln\u00edch aktivit, v\u010detn\u011b inova\u010dn\u00edho hubu \u010cNB Lab, se zab\u00fdv\u00e1 i\u00a0testov\u00e1n\u00edm jejich potenci\u00e1ln\u00edho vyu\u017eit\u00ed. <\/p>\n

Je to logick\u00e9, v\u017edy\u0165 n\u00e1rodn\u00ed banka nyn\u00ed licencuje subjekty nov\u011b vznikaj\u00edc\u00edho kryptopr\u016fmyslu podle na\u0159\u00edzen\u00ed MiCA, a\u00a0tak se setk\u00e1v\u00e1 s\u00a0n\u00e1stroji decentralizovan\u00e9 ekonomiky mnohem \u010dast\u011bji ne\u017e v\u00a0minulosti. A\u00a0to nejen u\u00a0sm\u011bn\u00e1ren a\u00a0kryptoburz, ale tak\u00e9 u\u00a0platebn\u00edch instituc\u00ed. C\u00edlem tak nen\u00ed tyto n\u00e1stroje nekriticky p\u0159ij\u00edmat, nebo odm\u00edtat, ale spr\u00e1vn\u011b porozum\u011bt jejich fungov\u00e1n\u00ed a\u00a0vyhodnotit jejich dopady na finan\u010dn\u00ed syst\u00e9m. V\u00a0kone\u010dn\u00e9m d\u016fsledku o\u00a0pou\u017e\u00edv\u00e1n\u00ed stejn\u011b rozhodne trh a\u00a0u\u017eivatel, nikoliv EU nebo centr\u00e1ln\u00ed banka.<\/p>\n

Spoluautorkou textu je Silvie Tomanov\u00e1, pr\u00e1vn\u00ed expertka \u010cNB.<\/p>\n","protected":false},"excerpt":{"rendered":"O stablecoinech se dnes mluv\u00ed t\u00e9m\u011b\u0159 v\u0161ude\u00a0\u2013 v\u00a0technologick\u00fdch kruz\u00edch, mezi investory i\u00a0v instituc\u00edch, kter\u00e9 tradi\u010dn\u011b stoj\u00ed mimo sv\u011bt…\n","protected":false},"author":2,"featured_media":109159,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[10634,1985,67,68,685,883,21615],"class_list":["post-109158","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-americky-dolar","tag-banky","tag-business","tag-byznys","tag-centralni-banka","tag-finance","tag-stablecoin"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116703076573745441","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/109158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=109158"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/109158\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/109159"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=109158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=109158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=109158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}