IMF Warns USD-Pegged Stablecoins Could Trigger Bank-Run Risks During Financial Crisis

According to the International Monetary Fund, USD-pegged stablecoins can improve foreign exchange accessibility and reduce transaction costs in normal circumstances when banking systems and official forex markets face dollar supply constraints. However, during financial crises, stablecoin prices may signal dollar shortages and accelerate large-scale capital outflows from local currencies to dollar assets, triggering bank-run-like systemic risks.
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