The international monetary fund (IMF) said stablecoins have the potential to broaden individuals' access to financial services, but this could come at the expense of central banks.
In a 56-page report released on Thursday, the international organization identified "currency substitution" as a latent risk posed by stablecoins and said the trend could erode countries' financial sovereignty.
Historically, individuals wishing to hold dollars have typically needed to hold physical cash or open certain types of bank accounts, but the IMF stressed that "stablecoins can quickly penetrate a country's economy via the internet and smartphones".
It added: "Especially in cross-border scenarios, stablecoins denominated in foreign currencies could lead to currency substitution, potentially undermining monetary sovereignty, particularly in the presence of non-custodial wallets."
The IMF said that if a large amount of economic activity is no longer dependent on domestic currencies, it will be difficult for central banks to effectively control domestic liquidity and interest rate levels.
The report points out that if foreign currency-denominated stablecoins gain a foothold through payment services, local alternatives such as central bank digital currencies (CBDCs) could face competitive pressure. Unlike privately issued stablecoins, CBDCs are digital forms of sovereign currencies issued, regulated, and managed by central banks.
International monetary fund warns: the popularity of stablecoins may weaken central bank control
2025-12-04 23:34:30
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