The global standard-setters also warned stablecoins adopted by multiple jurisdictions 'may transmit volatility more abruptly' than other crypto.
“Some jurisdictions, in particular emerging markets and developing economies , may want to take additional targeted measures that go beyond the global regulatory baseline to address specific risks,” it added.– which are crypto stabilized against the value of other assets or currencies – threatening currency replacement or bank runs in emerging economies.
“Rapid capital flight could materialize if foreign currency-denominated stablecoins became easier and cheaper to hold in large quantities relative to foreign currency bank accounts,” the paper said. While they could facilitate a wide range of transactions, the report said stablecoins may have distinct risks that come with maintaining a stable value, and dependency on private issuers – something that played out in real time as algorithmic stablecoin terraUSD de-pegged from the U.S. dollar in a matter of days wiping billions from the market in 2022.
It added that global stablecoins adopted by multiple jurisdictions “may transmit volatility more abruptly than other crypto-assets and may cause significant risk to financial stability.”
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