The clouds of war! Central bank governors worldwide are collectively sounding the alarm: the U.S. is using $USDT "nuclear bombs" to plunder emerging markets. Are your assets a shield or a target?

Global major financial system leaders have recently been frequently mentioning the same word: stablecoins. This is not a discussion about technological innovation—it’s a siren being sounded. This week, Pablo Hernández de Cos, the General Manager of the Bank for International Settlements, said plainly that stablecoins pose a serious threat to financial integrity; they could become a channel for evading regulation, making it exceptionally difficult for emerging markets to maintain capital controls.

Bank of England Governor Bailey expressed similar concerns in Washington, pointing out in particular the extent to which stablecoins are penetrating the domestic monetary system, and admitting that the pace worldwide in formulating related regulatory rules has clearly slowed down. These warnings are not without basis. They point to a reality of $315 billion, of which about 98% is tied to the US dollar.

The monetary sovereignty of emerging markets is facing unprecedented pressure. At the annual meetings of the International Monetary Fund and the World Bank, this has become the central topic for senior officials. Tobias Adrian, Director of the IMF’s Monetary and Capital Markets Department, said that in some emerging economies, USD stablecoins have already taken up a substantial share of payment transaction volume. He acknowledged their efficiency advantages in cross-border payments, but immediately highlighted the core risk: dollarization. For any central bank, this is a direct challenge to monetary sovereignty.

Pablo Hernández de Cos further elaborated that the widespread adoption of stablecoins would intensify the risks of dollarization and provide new tools to evade capital controls. He cited estimated data indicating that stablecoins currently account for most of the share of illegal transactions within the crypto ecosystem, and that their widespread use also opens up new avenues for tax evasion. A former central bank governor from Pakistan, Reza Baqir, had even more direct concerns: anything that could affect capital controls makes him extremely nervous.

The data depicts an accelerating pace of penetration. Analysts at Standard Chartered estimate that USD stablecoin savings held by residents of emerging markets could surge from $173 billion at the end of last year to $1.22 trillion by the end of 2028. Even if by then it may still account for only about 2% of these countries’ total bank deposits, the growth momentum will be concentrated in countries such as Egypt, Pakistan, and Bangladesh—either experiencing balance-of-payments crises or under IMF assistance programs.

Regulatory responses appear slow and fragmented. Financial Stability Board Chair Bailey said that a year ago he believed rulemaking was moving quickly, but now the pace has slowed. In a report released in March this year, the Financial Action Task Force warned that stablecoins are attractive to criminals, with virtual assets increasingly becoming the preferred method for money laundering.

Measures vary from country to country. Brazil amended laws to bring stablecoin providers into the banking anti-money-laundering system and set a $100,000 cap on many cross-border transfers. Meanwhile, Dan Katz, a former senior aide in the U.S. Department of the Treasury for the IMF, holds a relatively optimistic view, believing that stablecoins can promote competition in the payments sector and reduce costs, and that countries can withstand dollarization pressures by improving their own macroeconomic frameworks.

As a forum for central banks, the Bank for International Settlements has long taken a cautious stance toward stablecoins. In a report last year, it pointed out that this type of new digital cash “performs poorly” against the key standards for becoming true currency. This silent war over monetary sovereignty is underway—the chessboard has been set, and the pieces are falling into place.

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