Crypto news

The market for stablecoins pegged to the US dollar creates systemic threats for countries that adhere to fixed exchange rates. According to a new study by IMF economists, these digital assets not only simplify access to the dollar for the population and businesses but can also accelerate currency crises, undermining central bank reserves.

The key finding of the work is that the higher the level of stablecoin penetration into the economy, the faster information about macroeconomic risks spreads. In conditions of uncertainty, this provokes a massive shift of market participants into dollar-denominated assets, creating critical pressure on the fixed exchange rate even with relatively small external shocks.

It is important to emphasize that "stablecoins" themselves are not the root cause of instability. They act as a catalyst, exacerbating already existing problems: low trust in the national currency, weak monetary policy, and a rigid exchange rate peg. In such conditions, stablecoins provide citizens and companies with a tool for quickly withdrawing funds from the national currency, which was previously much more difficult.

The IMF calls on regulators to consider the growing role of stablecoins when developing financial stability measures and assessing the resilience of currency regimes. This is particularly relevant against the backdrop of a record global turnover of stablecoins, which reached $1.79 trillion in June. Earlier, the organization's experts warned that dollar stablecoins could deprive central banks in countries with high inflation of control over capital flows.

Analyst's comment: This study confirms what many experts observe in practice: stablecoins are becoming not just a tool for trading but a full-fledged element of financial infrastructure that can bypass traditional restrictions. Countries with fixed exchange rates, especially in developing economies, will either have to adapt their policies to the new reality or face an accelerated erosion of their currency reserves.