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MONETARY AND CAPITAL MARKETSDEPARTMENT UnderstandingStablecoins Prepared byTobias Adrian, Parma Bains, Marianne Bechara,EugenioCerutti, Stephanie Forte, Federico Grinberg, Alessandro Gullo,Martina Hengge, Agnija Jekabsone, Kathleen Kao, TommasoManciniGriffoli, Soledad Martinez Peria, Marcello Miccoli, Marco Reuter, andNobuyasu Sugimoto MONETARY AND CAPITAL MARKETS DEPARTMENT DEPARTMENTAL PAPER Understanding Stablecoins Prepared by Tobias Adrian, Parma Bains, Marianne Bechara, Eugenio Cerutti,Stephanie Forte, Federico Grinberg, Alessandro Gullo, Martina Hengge, Agnija Jekabsone,Kathleen Kao, Tommaso Mancini Griffoli, Soledad Martinez Peria, Marcello Miccoli,Marco Reuter, and Nobuyasu Sugimoto Cataloging-in-Publication DataIMF Library Names: Adrian, Tobias, 1971-, author. | Bains, Parma, author. | Bechara, Marianne, author. | Cerutti, Eugenio,author. | Forte, Stephanie, author. | Grinberg, Federico, author. | Gullo, Alessandro, author. | Hengge,Martina, author. | Jekabsone, Agnija, author. | Kao, Kathleen, author. | Mancini-Griffoli, Tommaso, author. |Martinez Peria, Maria Soledad, author. | Miccoli, Marcello, author. | Reuter, Marco, author. | Sugimoto,Nobuyasu, author. | International Monetary Fund, publisher.Title: Understanding stablecoins / Prepared by Tobias Adrian, Parma Bains, Marianne Bechara, Eugenio Cerutti, Stephanie Forte, Federico Grinberg, Alessandro Gullo, Martina Hengge, Agnija Jekabsone,Kathleen Kao, Tommaso Mancini Griffoli, Soledad Martinez Peria, Marcello Miccoli, Marco Reuter, andNobuyasu Sugimoto.Other titles: International Monetary Fund. Monetary and Capital Markets Department. Description: Washington, DC: International Monetary Fund, 2025. | Includes bibliographical references.Identifiers: ISBN:9798229024075(paper) 9798229027014(ePub)9798229026994(WebPDF)Subjects: LCSH: Digital currency. | Fintech. | Financial services industry—Technological innovations. Classification: HG1710.A37 2025 Acknowledgements Marcello Miccoli and Nobuyasu Sugimoto led the work. With contributions from Mher Barseghyan,Kenya Kitano, Dragana Ostojic, Pawel Pisany, Dmytro Solohub, Andrew Usher, Wilson Yim, and Nicolas Zhang.Mahmoud Abouelmakarem, Kika Alex-Okoh, Federica Giordano, and Claudia Diaz Saldias provided excellentresearch assistance. The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-countryinterest. The views expressed in this paper are those of the author(s) and do not necessarily represent theviews of the IMF, its Executive Board, or IMF management. Publication orders may be placed online or through the mail:International Monetary Fund, Publication ServicesP.O. Box 92780, Washington, DC 20090, USAT. +(1) 202.623.7430publications@IMF.orgIMFbookstore.orgelibrary.IMF.org Contents Executive Summary..............................................................................................................................................3Acronyms and Abbreviations..............................................................................................................................5Introduction...........................................................................................................................................................7Definition and Conceptual Framework...............................................................................................................8Recent Developments, Current Use Cases, and Potential Demand..............................................................14Market Development and Use Cases..............................................................................................................14Future Demand for Stablecoins.......................................................................................................................18Potential Benefits...............................................................................................................................................20Risks and Systemic Implications......................................................................................................................23Macrofinancial Stability....................................................................................................................................23§Volatility in Value and Runs..................................................................................................................23§Impairment in Market Functioning of Reserve Assets...........................................................................24§Disintermediation of Banks...................................................................................................................24§Interconnections with the Financial System..........................................................................................25§Currency Substitution.............................................................................................................