Growing use of US stablecoins for international payments threatens to accelerate the dollarisation of emerging market economies, undermine their control of money flows and open the door to criminal activity, senior central bank officials have warned.
Stablecoins — crypto assets pegged to fiat currencies such as the dollar — “raise serious risks for financial integrity and can facilitate regulatory circumvention”, the head of the Bank for International Settlements said in a speech in Japan on Monday.
Pablo Hernández de Cos, general manager of the BIS, said rapidly rising stablecoin use could “make it easier to evade capital controls” in EMs and developing countries trying to keep a lid on financial flows and intensify “dollarisation risks”.
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