IMF: Stablecoins are evolving from cryptocurrency tools to financial infrastructure

Recent analyses by the IMF show that stablecoins are moving away from their role as speculative tools to become infrastructure for cross-border payments. Instead of serving short-term transactions, stablecoins are increasingly used for commerce, remittances, and cash flow management thanks to their ability to transfer value quickly, cheaply, and operate continuously without regard to banking hours. This trend is particularly evident in emerging markets, where banking systems are still limited.

The IMF also emphasizes the growing integration between stablecoins and traditional finance, as many issuers back their tokens with US government debt, thereby inadvertently reinforcing the global role of the US dollar. However, this leads to the risk of “dollarization,” weakening local monetary policies and increasing the risk of rapid capital outflows during crises.

Stablecoins do not replace banks, but they are forcing the financial system to adapt. Although their scale is still small, their structural impact on payments and global capital flows cannot be ignored.