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IMF: Domestic stablecoins may boost demand for U.S. dollar stablecoins

1 hours ago

International Monetary Fund (IMF) First Deputy Managing Director Dan Katz said local stablecoins designed to reduce reliance on USD stablecoins may actually accelerate users’ shift toward USD stablecoins. Katz noted that when local stablecoins and USD stablecoins operate on the same blockchain infrastructure, users can swap between them via decentralized exchanges, liquidity pools, or peer-to-peer transactions, which could lower capital conversion costs and shift foreign exchange activities from traditional banks and currency dealers to on-chain platforms. “Local stablecoins could even accelerate the adoption of foreign exchange stablecoins (USD stablecoins),” he said. Citing South Africa as an example, Katz pointed out that while USD stablecoins already have some local adoption there, demand for local stablecoins pegged to the rand is lower. While no definitive conclusions can be drawn yet, users may prefer USD stablecoins due to their higher liquidity, stronger network effects, and broader acceptance across platforms and borders. Katz argued that the impact of stablecoins varies by country context: in highly dollarized economies, stablecoins may primarily replace existing USD-denominated assets; in countries with limited access to USD and weaker economic fundamentals, stablecoins could further increase demand for foreign currency. He called on global regulators to include stablecoin on-ramps, off-ramps, and on-chain trading platforms in their regulatory frameworks to mitigate potential risks.

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