[Young Journalist Jacob Siyun Sung] The International Monetary Fund (IMF) has warned that the growing $305 billion stablecoin market could fuel more global financial instability, as the digital asset class grows increasingly intertwined with the traditional financial system.

In its latest Financial Stability Report, the IMF said that while stablecoins were originally seen as a “safe haven” in the digital asset space, their rapid growth and reliance on traditional assets such as U.S. Treasuries have created vulnerabilities that could harm mainstream markets.

“A forced liquidation of reserve assets could trigger ripple effects across bank deposits, government bonds, and markets,” the IMF warned, adding that central banks might be forced to step in to contain any market fallout.

Stablecoins are digital tokens designed to maintain a fixed price value by aligning with real-world assets, most commonly the U.S. dollar. But as their market capitalization has skyrocketed, their role as “digital dollars” has expanded, raising fears that a crisis of confidence could spark a liquidity crisis.

The IMF warned that the proliferation of stablecoins could also undermine central banks’ monetary influence by limiting their ability to manage liquidity and control inflation. For some economies, that could lead to the loss of monetary sovereignty over their own currencies.

Additionally, the report pointed to a recent incident involving Ethena’s USDe, which temporarily lost its stability and plunged to $0.65 during a sharp market sell-off.

The warning comes amid growing criticisms from global regulators. The Bank for International Settlements (BIS), European Central Bank (ECB) and International Organization of Securities Commissions (IOSCO) have all called for stronger regulation, while the Financial Stability Board (FSB) plans to publish draft global supervisory standards by the end of the year.

Meanwhile, major global banks, including Goldman Sachs, Deutsche Bank and Banco Santander, are exploring the development of fully collateralized digital currencies. Citigroup has joined nine European lenders in a separate euro-denominated stablecoin project.

“Stablecoins have reached a scale that’s impossible to ignore,” said one market analyst. “The line between traditional finance and digital assets is rapidly disappearing.”

▶원문 기사: IMF “3050억달러 스테이블코인 시장, 글로벌 금융 불안의 새 뇌관” (이코노미스트, 2025.10.15)

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