The International Monetary Fund (IMF) latest report "Understanding Stablecoins" shows that dollar-dominated stablecoins are rapidly penetrating emerging markets and developing economies, potentially undermining central banks' control over domestic liquidity and interest rates.

The report points out that stablecoins can quickly enter the market through mobile phones and the internet, especially in the presence of unhosted wallets, making it easier to cause "currency substitution," weakening the use of local currency and affecting the transmission of central bank monetary policy and seigniorage revenue. The IMF recommends that countries establish legal frameworks to prevent stablecoins from gaining "legal tender" or "official currency" status, thereby safeguarding financial sovereignty. Currently, 97% of the total market value of stablecoins is pegged to the dollar, with only a small proportion related to the euro or yen. The report also emphasizes that the usage of stablecoins in cross-border payments and in countries with high inflation has significantly increased, particularly in Africa, the Middle East, and Latin America.