IMF: Stablecoins Could Cut Costs but Threaten EM Sovereignty

The IMF's framing shifts the stablecoin debate from efficiency to state power, signaling that adoption in emerging markets is now a policy question, not just a technical one. The key tension is whether cost savings can be achieved without eroding local monetary control, which may lead to tighter regulatory scrutiny rather than outright bans. Watch whether multilateral bodies push for global standards that balance innovation with sovereignty, as that would shape how EM central banks respond to dollar-pegged assets.