TechFlow News, July 13. According to Digital Asset, the International Monetary Fund (IMF) released a research report titled "Stablecoins and the Vulnerability of Fixed Exchange Rate Regimes" on July 10. The report points out that USD-pegged stablecoins can improve foreign exchange accessibility and reduce transaction costs in environments where banks or official foreign exchange markets cannot meet USD demand; however, during crises, stablecoin prices can serve as real-time signals of USD shortages, accelerating large-scale capital shifts from local currency to USD assets, triggering systemic risks similar to "bank runs".
Simulation data shows that in economies where stablecoins are prevalent, the probability of crisis occurrence rises from 3.9% to 7.4%, and resident welfare declines by up to 6.3% under scenarios of maximum exchange rate deviation. Citing Bolivia as an example, the report notes that since the country opened digital asset trading in 2024, USDT prices have become a key reference indicator for measuring parallel market USD exchange rates. The IMF recommends that regulators implement macroprudential measures such as temporary restrictions on large transactions and panic selling.
