US dominance
Stablecoins could boost the US dollar by creating demand for T-Bills and other liquid debt – pushing down borrowing costs and reinforcing the dollar’s reserve status.
Monetary sovereignty
Global adoption of USD-denominated stablecoins could weaken other central banks’ ability to implement monetary policy effectively.
Capital flight
The BIS’s 2025 Annual Economic Report identifies capital flight from emerging economies as one of the potential systemic risks of stablecoins5.
