[IMF Releases Research Report: Dollar-Pegged Stablecoins May Trigger Bank Run Risks During Crises]
According to Digital Asset, the International Monetary Fund (IMF) released a research report on July 10, stating that dollar-pegged stablecoins could accelerate the shift of funds from local currencies to dollar-denominated assets during crises, potentially triggering systemic risks similar to bank runs. Simulation data shows that in economies where stablecoins are widely adopted, the probability of a crisis increases from 3.9% to 7.4%, and in the worst-case exchange rate deviation scenario, household welfare could decline by as much as 6.3%. Using Bolivia as an example, the report highlights that since the country opened digital asset trading in 2024, the price of USDT has become a key reference indicator for the parallel market exchange rate of the U.S. dollar. The IMF recommends that regulators implement macroprudential measures such as temporary restrictions on large transactions and panic-driven sell-offs.
