BIS warns stablecoins could weaken capital controls in emerging markets
BIS researchers found dollar-backed stablecoins create a new form of 'digital dollarization' unaffected by capital controls in emerging markets. Unlike traditional deposits, stablecoin flows showed little response to FX restrictions, potentially undermining monetary sovereignty. The study suggests policymakers may need new tools as stablecoin market cap reached $309.7 billion.
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