According to Digital Asset, an International Monetary Fund (IMF) report says that when banks or official foreign-exchange markets cannot sufficiently meet dollar demand, dollar stablecoins can increase access to foreign currency, reduce transaction costs, and improve financial inclusion; but when official exchange rates diverge more from market rates, they may accelerate capital flows from domestic currencies into dollar-denominated assets and quickly spread market anxiety during crises.

Simulations show that for economies that use only cash, the average probability of a crisis is 3.9%, rising to 7.4% after stablecoin adoption; when the exchange-rate divergence is at its maximum, household welfare falls by up to 6.3%. The report recommends that regulators consider macroprudential measures such as temporary trading limits to address large-scale trading or panic sell-offs.