<p>Stablecoins — a hidden threat for countries with fixed exchange rates: expert analysis</p>

The rapid proliferation of dollar-pegged stablecoins creates fundamental risks for countries with fixed exchange rates. My analysis shows that these instruments, by simplifying access to digital dollar assets, can not only increase the vulnerability of such economies but also trigger accelerated currency crises.

The key problem is that "stablecoins" provide the population and businesses with a nearly instantaneous channel to withdraw funds from the national currency during periods of economic uncertainty. As a result, central bank reserves come under critical pressure, making it increasingly difficult to maintain a fixed exchange rate. Modeling shows a direct correlation: the higher the penetration of stablecoins, the faster panic spreads and the more massive the shift to dollar assets becomes, even with minor external shocks.

Catalyst, Not a Cause

It is important to emphasize: stablecoins themselves are not the root cause of financial instability. However, they act as a powerful catalyst, exacerbating existing macroeconomic imbalances. The greatest threat looms over countries with low trust in their national currency, weak monetary policy, and a fixed exchange rate regime. In such conditions, digital dollar assets become a "trigger" for a crisis.

Regulators urgently need to adapt their approaches to ensuring financial stability, taking into account the growing role of stablecoins. Ignoring this factor when assessing the resilience of currency regimes could lead to serious consequences. I remind you that the global turnover of stablecoins has already reached a record $1.79 trillion, which only confirms the scale of these instruments' impact on the global financial system.

Expert Opinion: The stablecoin market is entering a phase where its systemic importance can no longer be underestimated. For countries with fixed exchange rates, this is not just a technological challenge but a matter of national economic security. Regulators need to move from observation to preventive measures; otherwise, crises will become the rule, not the exception.