#数字货币市场洞察 The latest stablecoin research report released by the International Monetary Fund has poured cold water on the cryptocurrency market—a seemingly prosperous stablecoin ecosystem is brewing an invisible crisis of monetary sovereignty.

Let’s start with the positives. Stablecoins have indeed solved many real-world pain points: cross-border transfers are settled within minutes, with fees so low that traditional banks can’t imagine; small vendors in remote areas can receive payments directly, without having to travel dozens of kilometers just to open an account. This “disintermediated” payment experience has allowed hundreds of millions of unbanked people worldwide to taste the sweetness of modern finance for the first time.

But the flip side of the coin isn’t so rosy. When residents of a country get used to buying groceries and paying salaries in $USDT, the national currency naturally becomes marginalized. The central bank wants to stimulate the economy by adjusting interest rates? Sorry, everyone is holding dollar-based stablecoins, so your policy tools are basically ineffective. Even scarier, capital flight becomes effortless—a few on-chain operations, and a billion dollars can silently leave an emerging market country, leaving chaos in its wake.

This risk isn’t something any one country can guard against by closing its doors. Stablecoins are inherently global; capital flows don’t recognize borders. If Country A tightens regulation, funds immediately shift to exchanges in Country B; if there’s a stablecoin crisis in Country C, the chain reaction can affect the entire region’s financial system.

That’s why the IMF’s recommendation is pragmatic: countries need to leave room for innovation while keeping a close eye on risk points. The key is not to fight alone—regulatory standards need to be aligned, and information needs to be shared. After all, stablecoins are a double-edged sword; used well, they can promote financial inclusion, but if mismanaged, they become a financial time bomb. The question now is whether global regulators can move faster than the expanding market.