Emerging-market households and firms holding dollar stablecoins offset dollar-denominated liabilities, dampening global financial-cycle shocks.
— Reshapes debates on stablecoin regulation, capital controls, monetary sovereignty, and financial stability in developing economies.
Tyler Cowen
2025.08.13
100% relevant
The article claims stablecoins act as a decentralized balance-sheet stabilizer by raising the value of dollar assets when the dollar strengthens.
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