As stablecoins have surpassed Bitcoin, they have become an undeniable force in the global financial system. The circulating supply of stablecoins has exceeded 300 billion dollars, and in 2024, the trading volume surpassed 23 trillion dollars, having already developed into a financial system that runs parallel to the US dollar. Although most of these figures come from high-frequency trading on centralized exchanges, cross-border stablecoin transfers are becoming an important indicator reflecting the real economy and are expected to reach a historic high in 2025.
The growth of stablecoins has exposed financial crises in several countries that rely on them. In emerging markets such as Nigeria, Argentina, and Turkey, stablecoins have become tools for economic survival. Due to exchange rate problems and foreign exchange controls, people in many countries have turned to stablecoins as a savings tool, especially in regions severely affected by inflation. Their advantages include instant settlement, avoiding the restrictions of traditional banks, and offering higher returns than domestic accounts.
Furthermore, the expansion of stablecoins has had a significant impact on the demand for short-term US Treasury bonds. Many stablecoin issuers back their tokens with Treasury bills and repurchase agreements, making them important buyers in the money markets. The IMF has pointed out that increased issuance of stablecoins may affect the yields of short-term government bonds, further reinforcing the importance of stablecoins in global capital flows.
The United States is promoting regulation of the stablecoin industry through the GENIUS Act, allowing both banks and non-bank institutions to issue stablecoins and integrating them into the federal licensing system. This move consolidates the US’s dominant position in the stablecoin market, also accelerating the outflow of bank deposits from emerging markets and increasing demand for US government debt.
The rapid expansion of stablecoins poses challenges to the global financial system, especially in emerging markets. The IMF is concerned that the popularity of stablecoins is outpacing the ability of regulators to adapt, and these changes could increase the vulnerability of the financial system, especially in economies lacking the capacity to cope.
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