The rise of dollar-pegged stablecoins may increase the vulnerability of countries with fixed exchange rates and accelerate currency crises. This conclusion was reached by IMF economists in a new study.
The authors note that "stablecoins" facilitate access for individuals and businesses to digital dollar assets. In times of economic uncertainty, this allows for quicker withdrawals from national currencies, putting pressure on central bank reserves and complicating the maintenance of fixed exchange rates.
According to the IMF model, the higher the penetration of stablecoins in an economy, the faster information about risks spreads, increasing the likelihood of a mass shift of market participants to dollar assets. This can accelerate the onset of a crisis even in the face of relatively minor external shocks.
The researchers emphasize that stablecoins themselves are not the root cause of financial instability; however, they can act as a catalyst for existing macroeconomic issues. The greatest risks arise in countries with limited trust in their national currency, weak monetary policy, and fixed exchange rate regimes.
The IMF believes that regulators should take into account the growing role of stablecoins when developing measures to ensure financial stability and assessing the resilience of currency regimes.
In December 2025, the organization's experts warned about the risks associated with dollar-backed stablecoins that could lead to central banks in high-inflation countries losing control over capital flows.
As a reminder, in June, the global turnover of stablecoins reached a record $1.79 trillion.