Stablecoins pegged to national currencies could significantly simplify users' access to dollar-denominated assets. This conclusion was reached by IMF First Deputy Managing Director Gita Gopinath during her speech in Cape Town. She believes such a scenario is achievable with the formation of appropriate infrastructure. The point is that dollar tokens will operate within certain networks but can be exchanged through third-party blockchains.
As a result, part of currency operations could transition from the traditional financial system to blockchain. Users would require fewer intermediaries, and converting national currency into foreign digital assets would become easier.
According to Gopinath's assessment, under such conditions, issuing local stablecoins could yield the opposite result. Instead of reducing dependence on dollar instruments, they could become an intermediate step for transitioning to them.
The IMF representative used South Africa as an example. Dollar-denominated stablecoins have not yet gained widespread traction there; however, tokens pegged to the rand are in even less demand. Gopinath associates the advantage of dollar assets with their high liquidity, broad support from platforms, and the ability to use them across different countries.
An additional role is played by the network effect, which increases the demand for already active tokens. The consequences of this market's development will depend on the economic situation in each specific country. In nations with high dollarization, stablecoins could primarily replace existing forms of holding foreign assets. Where access to foreign currency is limited, digital instruments could create a new channel for acquiring it and increase overall demand.
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