The spread of US dollar-pegged stablecoins could increase the vulnerability of countries with fixed exchange rates and accelerate currency crises, according to a new study by IMF economists.
The authors note that stablecoins facilitate access for individuals and businesses to digital dollar assets. In times of economic uncertainty, this allows for quicker withdrawal of funds from national currencies, increasing pressure on central bank reserves and complicating the maintenance of a fixed exchange rate.
According to the IMF model, the greater the penetration of stablecoins in an economy, the faster information about risks spreads, and the higher the likelihood of a mass shift to dollar assets. This can accelerate a crisis even with relatively small external shocks.
Researchers emphasize that stablecoins themselves are not the cause of financial instability but can act as a catalyst for existing macroeconomic issues. The greatest risks arise in countries with limited trust in the national currency, weak monetary policy, and a fixed exchange rate regime.
The IMF believes regulators should consider the growing role of stablecoins when developing measures to ensure financial stability and assess the resilience of currency regimes.
In December 2025, experts from the organization warned about the risks associated with dollar stablecoins leading to central banks in high-inflation countries losing control over capital flows.
In June, the global circulation of stablecoins reached a record $1.79 trillion.
