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Stablecoins’ rapid global expansion is reshaping financial access and payments, offering new efficiencies while raising urgent concerns over monetary control and regulatory gaps that policymakers worldwide are now scrambling to confront.

IMF Warns of Expanding Stablecoin Influence
The International Monetary Fund (IMF) detailed on Dec. 4 that stablecoins can widen financial access and support innovation but may also create risks for monetary autonomy. The organization outlined these issues in its latest blog post assessing stablecoins’ expanding role in payments and markets.
The IMF stated on social media platform X:
Stablecoins can expand financial access and drive innovation, but also cause currency substitution and market volatility. Global cooperation on regulation is essential.
The Fund is working with the Financial Stability Board (FSB), the Bank for International Settlements (BIS), and others “to close gaps and improve oversight,” the IMF added.
The official blog post on the IMF website is written by Tobias Adrian, Marcello Miccoli, and Nobuyasu Sugimoto, prominent economists and financial experts who hold senior roles within the International Monetary Fund’s Monetary and Capital Markets Department, focusing on global financial stability, digital currencies, and regulation.
“Stablecoins have great potential to make international payments faster and cheaper for people and companies,” they detailed. “But this promise comes with risks of currency substitution and countries losing control over capital flows, among others. Turning stablecoins into a force for good in the global financial system will require concerted actions by policymakers, at both the domestic and international levels.”
The authors also noted that “stablecoins’ cross border flows are growing fast.” Their analysis underscores how expanding use in remittances and digital commerce reflects deeper ties with financial markets, while simultaneously exposing economies to confidence shocks, reserve-asset declines, and potential runs.
Regulatory fragmentation remains a central challenge, as the authors stated: “Stablecoins could be used to circumvent capital flow management measures, which rely on established financial intermediaries.” They explained that uneven oversight enables issuers to take advantage of weaker jurisdictions and complicates monitoring of cross-border movement. Some authorities are considering access to central bank liquidity for certain issuers, while others are reinforcing legal clarity, financial integrity rules, and global data standards.
The IMF economists concluded:
Improving the existing global financial infrastructure might be easier than replacing it. Achieving the best possible balance will require close cooperation among policymakers, regulators, and the private sector.
Although the IMF economists emphasized systemic risks, crypto advocates counter that well-regulated stablecoins can broaden financial inclusion, reduce settlement frictions, and enhance transparency across global payments.
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Згідно з BlockBeats, Міжнародний валютний фонд (МВФ) видав попередження про підвищений ризик миттєвих крахів на токенізованих ринках, що може спонукати можливе регуляторне втручання з боку урядів. МВФ підкреслив, що хоча токенізація може сприяти швидшим і більш економічним фінансовим транзакціям, вона також вводить нові системні ризики. Автоматизована торгівля може призвести до збільшення волатильності ринку та вищої ймовірності миттєвих крахів. Складні ланцюги смарт-контрактів можуть спровокувати ефект доміно під час стресу на ринку, перетворюючи локалізовані проблеми в системні шоки.
Міжнародний валютний фонд очікує, що, спираючись на історичні тенденції, уряди не залишаться пасивними під час цієї значної монетарної еволюції і, ймовірно, займатимуть більш активну роль у секторі токенізації в майбутньому.
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O FMI Analisa a Expansão dos Mercados Tokenizados e Seus Possíveis Impactos

Conforme relatado pela Cointelegraph, o Fundo Monetário Internacional (FMI) publicou recentemente um vídeo em seu perfil no X abordando o crescimento dos mercados baseados em tokenização. No material, a instituição apresenta os potenciais ganhos dessa tecnologia — como transações mais ágeis e baratas — enquanto também chama atenção para riscos importantes envolvidos nesse modelo financeiro. A tokenização é apresentada como uma nova etapa na evolução do dinheiro, capaz de simplificar processos ao diminuir a dependência de intermediários tradicionais, como registradores e câmaras de compensação. Em vez disso, essas funções poderiam ser executadas automaticamente por códigos, reduzindo custos e otimizando o uso de garantias.

Apesar de reconhecer os pontos positivos, o FMI enfatiza que mercados tokenizados podem sofrer oscilações bruscas e apresentar níveis de volatilidade superiores aos dos mercados convencionais. A automação das negociações, característica central desse ambiente, já provocou episódios de quedas súbitas — os famosos “flash crashes”. Segundo o FMI, a liquidação instantânea de operações nesses sistemas pode intensificar ainda mais esse tipo de movimento. Outro alerta diz respeito às cadeias complexas de contratos inteligentes, que, ao interagirem entre si de formas inesperadas, podem transformar problemas pontuais em impactos sistêmicos.

O vídeo também menciona a possibilidade de fragmentação caso múltiplas plataformas tokenizadas se desenvolvam sem padrões comuns de interoperabilidade, o que diluiria a liquidez e impediria que a tokenização cumprisse a promessa de mercados mais rápidos e eficientes. Além disso, o FMI sinaliza que a presença governamental tende a aumentar à medida que essa tecnologia ganha relevância, lembrando que os Estados historicamente desempenham papéis centrais na organização dos sistemas monetários — como ocorreu no acordo de Bretton Woods, em 1944. Assim, a expectativa é de que os governos participem mais ativamente da construção do futuro desses mercados.

O interesse do FMI pelo tema não é recente — a entidade acompanha há anos a evolução das infraestruturas tokenizadas e das formas digitais de dinheiro. No entanto, a divulgação desse vídeo representa que o tema alcançou definitivamente o debate de políticas públicas. Hoje, os mercados tokenizados já movimentam bilhões de dólares, com iniciativas robustas, como o fundo BUIDL da BlackRock, ocupando posições de destaque. O FMI conclui que, embora a tokenização traga a perspectiva de mercados mais eficientes, acessíveis e programáveis, seu avanço provavelmente será acompanhado de regulamentações rigorosas e forte monitoramento estatal.

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The International Monetary Fund (IMF) is deeply investigating the emerging domain of tokenized markets, assessing their transformative potential alongside systemic risks. Tokenization involves recording financial assets on shared, programmable ledgers that enable automation through smart contracts, enhancing transaction speed and reducing costs while fostering greater liquidity and operational resilience in financial markets. The IMF highlights that this technology could revolutionize asset lifecycle management by cutting intermediaries and promoting faster, atomic settlement that synchronizes asset and payment exchanges, thus mitigating timing risks prevalent in conventional systems.
However, the IMF's research uncovers significant challenges, including market fragmentation caused by competing platform initiatives from major financial institutions, which may lead to siloed markets rather than integrated ecosystems. There is concern that tokenization could amplify systemic risk due to increased interconnectedness and leverage, potentially accelerating contagion during financial distress. Additionally, mismatches in settlement timelines between token transfers and underlying asset clearance could cause liquidity strain, exemplified by tokenized money market funds. Furthermore, operational vulnerabilities such as smart contract failures and concentration of market infrastructure pose additional regulatory and stability concerns.
To address these issues, the IMF proposes a dual policy framework combining public-private cost-sharing to stimulate tokenization infrastructure with mandates on platform interoperability to avoid fragmented ecosystems. Central banks are encouraged to develop tokenized reserves tailored to policy objectives while considering governance, legal, and technological factors. The IMF advocates coordinated global regulatory efforts to safeguard monetary sovereignty, control capital flow volatility, clarify tax measures, and enhance anti-money laundering frameworks to ensure safe integration of tokenized assets into the financial system.
Recent regulatory initiatives such as the EU’s DLT pilot regime, IOSCO’s vigilance on emerging tech risks, and central bank projects in Hong Kong and Korea exemplify the growing institutional interest in tokenization's potential to enhance wholesale payment systems and asset settlement. For market participants, the imperative is to strategically invest in interoperable platforms, develop robust risk management frameworks for programmable contract complexities, and align with evolving regulatory demands focused on systemic risk mitigation and retail investor protection.
Overall, the IMF positions tokenization as a pivotal innovation with the capacity to improve financial efficiency substantially, while simultaneously necessitating cautious and coordinated regulatory frameworks to balance innovation and stability in the global financial landscape.
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