IMF releases research report: Dollar-pegged stablecoins may trigger bank run risks during times of crisis
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According to Digital Asset, the International Monetary Fund (IMF) released a research report on July 10 stating that dollar-pegged stablecoins can accelerate the shift of funds from local currency to dollar assets during crisis periods, triggering systemic risks similar to bank runs. Simulation data shows that in economies where stablecoins are widespread, the probability of crises rises from 3.9% to 7.4%, and in the worst case of exchange rate deviation, resident welfare decreases by up to 6.3%. Using Bolivia as an example, the report points out that since the country opened digital asset trading in 2024, the price of USDT has become the main reference indicator for measuring parallel market dollar exchange rates. The International Monetary Fund recommends that regulators implement macroprudential measures such as temporary restrictions on large transactions and panic-induced sell-offs.
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