This IMF report is quite interesting: it acknowledges that stablecoins can help address the issue of dollar availability, yet it also worries that in times of crisis they could accelerate the outflow of local currency. If regulators want to impose temporary trading restrictions, then decentralized stablecoins may actually have an advantage.

According to Digital Asset, an International Monetary Fund (IMF) report says that when banks or official foreign-exchange markets cannot sufficiently meet demand for dollars, dollar stablecoins can increase access to foreign currency, lower transaction costs, and improve financial inclusion; but when the gap between official exchange rates and market rates widens, they may accelerate capital flowing from local currency into dollar-denominated assets and quickly spread market anxiety during crises. Simulations show that in economies that use only cash, the average probability of a crisis is 3.9%, which rises to 7.4% after stablecoin adoption; when exchange-rate deviations are at their maximum, household welfare declines by as much as 6.3%. The report recommends that regulators consider macroprudential measures such as temporary transaction limits to address large-scale transactions or panic selloffs.