Key Notes

The fund says stablecoins can “penetrate an economy rapidly via the internet and smartphones.” If a large share of activity shifts into foreign stablecoins, central banks lose control over domestic liquidity and interest rates.

The IMF highlights that about 97% of the roughly $300+ billion stablecoin market is tied to the U.S.

dollar.

The IMF published a new 56-page departmental paper, “Understanding Stablecoins,” on December 2, 2025, warning that large foreign‑currency stablecoins can accelerate currency substitution and erode monetary control in weaker economies. The report is available on the IMF site and is authored by Tobias Adrian and 15 co‑authors from the fund’s Monetary and Capital Markets Department.

US Dollar Stablecoin Share

The paper notes that global stabl

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