The widespread adoption of stablecoins pegged to the US dollar creates serious risks for countries with fixed exchange rates. Economists at the International Monetary Fund, in their new study, concluded that such digital assets can not only increase the vulnerability of these economies but also significantly accelerate the development of currency crises.
Stablecoins, in essence, provide the public and businesses with direct access to the digital dollar. During periods of economic uncertainty, this simplifies and speeds up the process of withdrawing funds from the national currency. Consequently, pressure on central banks' gold and foreign exchange reserves sharply increases, making it practically impossible to maintain a fixed exchange rate.
Crisis Acceleration Mechanism
The model developed by experts demonstrates a clear correlation: the higher the level of stablecoin penetration into the economy, the faster information about growing risks spreads. This triggers a domino effect — a massive and synchronized shift of market participants into dollar-denominated assets. Interestingly, even relatively small external shocks can trigger this mechanism, making traditional macroeconomic stabilization measures less effective.
Not the Cause, but a Catalyst
It is important to emphasize: stablecoins themselves are not the root cause of financial instability. They act as a powerful catalyst that exacerbates existing macroeconomic problems. This poses the greatest threat to countries where trust in the national currency is undermined, monetary policy is weak, and the exchange rate is rigidly fixed. It is precisely under such conditions that the digital dollar becomes a "Trojan horse" for the financial system.
According to analysts, regulators urgently need to adapt their approaches to ensuring financial stability, taking into account the growing role of stablecoins. Assessing the resilience of currency regimes can no longer ignore this factor.
Let me remind you that in June, the global turnover of stablecoins reached a record $1.79 trillion, which only confirms the scale of the threat. In December 2025, warnings were already issued that such assets could deprive central banks in countries with high inflation of control over capital movements.
Expert Comment: The stablecoin market is experiencing exponential growth, and this IMF study is a timely reminder that technological innovation brings not only opportunities but also systemic risks. For developing economies with fixed exchange rates, this is not just a warning but a signal to immediately reconsider their monetary policy. Ignoring this trend could lead to a loss of monetary sovereignty, and much faster than previously assumed.