The IMF warns that stablecoins, with $300B in circulation and 97% dollar-pegged, are now macro-critical financial instruments. The Fund cautions that in countries with fragile currencies, stablecoins can quickly become a preferred store of value and medium of exchange. The Reserve Risk: Stablecoin Issuers Now Hold Sovereign Debt at ScaleOne of the most striking observations in the paper is the concentration of reserves. The IMF stops short of calling this a parallel monetary system, but the implication is unavoidable: private stablecoin issuers have become significant players in the global financial structure. If stablecoins dominate early, central banks may permanently lose influence over retail money flows.

Source: dna December 22, 2025 06:58 UTC