Tokenization of the ruble as a factor of the Russian international settlement system's transformation

Subject. This article considers the tokenization of the national currency as a tool for transforming the international settlement system. Objectives. The article aims to conduct a comparative analysis of the models for tokenized ruble use in foreign economic transactions and show the need to develop alternative settlement mechanisms in the context of Russia's limited access to the international payment infrastructure and geopolitical risks. Methods. For the study, we used a scenario approach, including institutional modeling, strategic risk assessment and stakeholder analysis. Results. Based on the analysis of the three models for using the tokenized ruble, the article identifies the key advantages and limitations of each particular model with regard to technological feasibility, sovereignty, regulatory flexibility and economic efficiency. Conclusions and Relevance. The hybrid model, which combines the centralized emission of the digital ruble with the use of private tokens, is the most adaptive and realistic one at the current stage of development of the financial infrastructure. Its implementation requires a comprehensive regulatory framework, technological compatibility and international recognition. The results of the study can be used by government agencies, regulators, financial market participants and payment solution developers to formulate a strategy for introducing digital currencies into international settlements.