International Meme Fund
IMFMeme-based stablecoin protocol
News Heat Trend
Project Overview
IMF(International Meme Fund) is a DeFi protocol that allows users to deposit their blue-chip memes and borrow native meme-backed unstablecoin, $MONEY. IMF provides liquidity pools (LPs) for trading memes against $MONEY. The protocol's native equity and utility token is $IMF, which is used to accrue and distribute protocol revenue. Protocol revenue comes from interest paid by borrowers of $MONEY. In addition to borrowing, users can provide liquidity by pairing their memes with $MONEY (e.g., PEPE/MONEY LP) and earn trading fees + $IMF emissions.
Mark Cuban and Michael Burry Warn of AI Bubble Risks, Comparing Nvidia's Financing Model to the Dot-Com Era
Odaily News: Investor Mark Cuban and "The Big Short" investor Michael Burry have recently issued warnings about valuation risks in Nvidia (NVDA) and AI stocks. Cuban stated on X that the current AI capital cycle bears similarities to the dot-com bubble of the 1990s, arguing that Nvidia is playing the role the IPO market did back then, fueling continuous capital inflows by supporting customers' purchases of AI chips.Burry, meanwhile, has focused on the rising cost of Nvidia's credit default swaps (CDS), noting that the scale of the "circular financing" driven by Nvidia is expanding. He believes that some AI demand relies on financing support, and future revenue may be built on complex capital cycles.Earlier, Nvidia's stock price fell approximately 5% in a single day, erasing about $250 billion in market value. The IMF and the Bank for International Settlements have also previously flagged potential systemic risks from AI circular financing. However, Nvidia CEO Jensen Huang dismissed such criticism as "absurd." (TheStreet)
IMF: Brazil's Crypto Cross-Border Fund Flows Have Surpassed Traditional Capital Movements
In its financial system stability assessment report released this month, the International Monetary Fund (IMF) stated that Brazil's cryptocurrency-based cross-border fund flows have been growing steadily since 2017, with their scale now exceeding traditional capital movements. The report indicates that these fund flows are largely driven by stablecoins, which are utilized by both corporations and retail investors for efficiency and tax-related reasons. Stablecoin flows are correlated with international and local investment indicators such as the S&P 500, VIX, and Bitcoin prices, and are also influenced by exchange rates, interest rates, policy uncertainty, and changes in tax policies. The IMF noted that the Central Bank of Brazil has taken measures to regulate the virtual asset service provider (VASP) industry, but gaps remain in areas such as customer legal protection and the segregation of custodial assets. Comprehensive implementation of international standards, including the Travel Rule, is still necessary for anti-money laundering and combating the financing of terrorism (AML/CFT). The report points out that Brazil's crypto system is interconnected with the traditional financial system, and regulators need to collaborate with domestic and international counterparts to establish a more robust reporting framework. The Brazilian Congress is preparing to deliberate on Bill 4308/2024, aimed at regulating the status of stablecoins.
IMF: The Future of Tokenization Depends on Policy Choices; Three Types of Settlement Assets Including Stablecoins May Coexist
Odaily, Tobias Adrian, Director of the Monetary and Capital Markets Department at the International Monetary Fund (IMF), stated that as assets migrate to shared digital ledgers, policy choices regarding the monetary system, market infrastructure, and legal frameworks will determine whether tokenization strengthens the integration of the financial system or leads to further fragmentation.The tokenized economy is forming three types of settlement assets: tokenized bank deposits, stablecoins, and tokenized central bank reserves. Tokenization is not just about faster payments or programmable assets; it involves migrating financial assets and liabilities to a unified ledger, compressing execution, clearing, and settlement into a synchronized process driven by software. This shift may also transfer risks from the balance sheets of traditional intermediaries to platforms, code, and infrastructure providers. (The Block)
IMF: Tokenization Could Reshape Global Financial Architecture, Policy Choices Crucial
According to a post on the official blog of the International Monetary Fund (IMF), Tobias Adrian, Director of the IMF's Monetary and Capital Markets Department, wrote that asset tokenization is not merely a technical upgrade but will fundamentally alter the structure of the global financial system. When financial assets are transferred to shared digital ledgers, the three major processes of execution, clearing, and settlement can be completed simultaneously, and risks will shift centrally from the balance sheets of institutions such as banks to platforms and smart contracts. The article also warns that while tokenization eliminates friction, it also removes buffer mechanisms, leading to real-time liquidity demands and accelerated risk transmission. For emerging market countries, the risks of rapid cross-border capital flows and erosion of monetary sovereignty are particularly prominent. The IMF emphasized that current policy choices will determine whether tokenized finance strengthens or fragments the global financial system, and countries need to establish coordination mechanisms as soon as possible on core issues such as the roles of public and private money, interoperability, legal frameworks, and liquidity support.
Securitize Appoints Former IMF Representative to Its Board
Odaily News Securitize announced the appointment of investor, Blackstone advisor, and former International Monetary Fund (IMF) board member Sunil Sabharwal to its board. Sunil Sabharwal served as the U.S. representative to the IMF, confirmed by the U.S. Senate, from 2016 to 2018, for which he received the U.S. Department of the Treasury's Distinguished Service Award. He currently serves on the boards of Thunes and TookiTaki, and previously served as Chairman of payment companies Earthport and Ogone, which were acquired by Visa and Ingenico, respectively. Since 2021, he has served as an advisor and operating partner for the Blackstone Growth Equity Fund.Securitize currently manages over $4 billion in on-chain assets, including the BlackRock BUIDL Fund and tokenized products from institutions such as Apollo, BNY, Hamilton Lane, KKR, and VanEck. The company reached an acquisition agreement with a Cantor Fitzgerald affiliate last October, valuing Securitize at $1 billion. The merged company is set to list on Nasdaq under the ticker symbol CEPT.
IMF: Brazil's Crypto Cross-Border Fund Flows Have Surpassed Traditional Capital Movements
In its financial system stability assessment report released this month, the International Monetary Fund (IMF) stated that Brazil's cryptocurrency-based cross-border fund flows have been growing steadily since 2017, with their scale now exceeding traditional capital movements. The report indicates that these fund flows are largely driven by stablecoins, which are utilized by both corporations and retail investors for efficiency and tax-related reasons. Stablecoin flows are correlated with international and local investment indicators such as the S&P 500, VIX, and Bitcoin prices, and are also influenced by exchange rates, interest rates, policy uncertainty, and changes in tax policies. The IMF noted that the Central Bank of Brazil has taken measures to regulate the virtual asset service provider (VASP) industry, but gaps remain in areas such as customer legal protection and the segregation of custodial assets. Comprehensive implementation of international standards, including the Travel Rule, is still necessary for anti-money laundering and combating the financing of terrorism (AML/CFT). The report points out that Brazil's crypto system is interconnected with the traditional financial system, and regulators need to collaborate with domestic and international counterparts to establish a more robust reporting framework. The Brazilian Congress is preparing to deliberate on Bill 4308/2024, aimed at regulating the status of stablecoins.
Nigerian President Signs Executive Order to Establish Virtual Assets Committee and Coordinate Crypto Regulation
Odaily News: Nigerian President Bola Ahmed Tinubu has signed an executive order to coordinate virtual asset regulation, enhance cooperation between the country's financial, tax, and capital market institutions, and address the fragmentation of digital asset regulation. The executive order establishes a Virtual Assets Committee composed of heads from Nigeria's major financial regulatory agencies to guide relevant policies. Nigeria's tax authority will update digital asset policies and provide more details on the impact on taxpayers. Bayo Onanuga, Special Adviser to the President, stated that the executive order does not create new regulatory agencies nor transfer powers between agencies; each institution retains its statutory duties and independence, and registration requirements will be determined based on the nature of the activity and the assets involved. A June report from the International Monetary Fund (IMF) shows that since 2019, Nigeria has accounted for approximately 60% of stablecoin inflows in Sub-Saharan Africa; between July 2023 and June 2024, the country's cryptocurrency inflows reached approximately $59 billion.
IMF: The Future of Tokenization Depends on Policy Choices; Three Types of Settlement Assets Including Stablecoins May Coexist
Odaily, Tobias Adrian, Director of the Monetary and Capital Markets Department at the International Monetary Fund (IMF), stated that as assets migrate to shared digital ledgers, policy choices regarding the monetary system, market infrastructure, and legal frameworks will determine whether tokenization strengthens the integration of the financial system or leads to further fragmentation.The tokenized economy is forming three types of settlement assets: tokenized bank deposits, stablecoins, and tokenized central bank reserves. Tokenization is not just about faster payments or programmable assets; it involves migrating financial assets and liabilities to a unified ledger, compressing execution, clearing, and settlement into a synchronized process driven by software. This shift may also transfer risks from the balance sheets of traditional intermediaries to platforms, code, and infrastructure providers. (The Block)
IMF: Tokenization Could Reshape Global Financial Architecture, Policy Choices Crucial
According to a post on the official blog of the International Monetary Fund (IMF), Tobias Adrian, Director of the IMF's Monetary and Capital Markets Department, wrote that asset tokenization is not merely a technical upgrade but will fundamentally alter the structure of the global financial system. When financial assets are transferred to shared digital ledgers, the three major processes of execution, clearing, and settlement can be completed simultaneously, and risks will shift centrally from the balance sheets of institutions such as banks to platforms and smart contracts. The article also warns that while tokenization eliminates friction, it also removes buffer mechanisms, leading to real-time liquidity demands and accelerated risk transmission. For emerging market countries, the risks of rapid cross-border capital flows and erosion of monetary sovereignty are particularly prominent. The IMF emphasized that current policy choices will determine whether tokenized finance strengthens or fragments the global financial system, and countries need to establish coordination mechanisms as soon as possible on core issues such as the roles of public and private money, interoperability, legal frameworks, and liquidity support.
IMF Warns That Rapid Penetration of Stablecoins in Nigeria Could Undermine Domestic Monetary Policy Transmission
According to The Block, the International Monetary Fund (IMF) stated that Nigeria’s widespread adoption of U.S. dollar–pegged stablecoins is challenging the country’s existing monetary policy and regulatory framework. The IMF noted that the naira’s depreciation, high inflation, and limited access to official foreign exchange are driving local households and small and medium-sized enterprises (SMEs) to adopt stablecoins for cross-border payments and hedging against exchange rate risk.
IMF Calls on Nepal to Establish Crypto Regulatory Framework, Citing Rapid Growth in Crypto and Stablecoin Inflows in Recent Years
The International Monetary Fund (IMF) stated in its latest annual assessment of Nepal that, despite Nepal’s comprehensive ban on cryptocurrency transactions and mining since 2021, inflows of cryptocurrencies and stablecoins grew rapidly between 2019 and 2024—peaking at over 13% of GDP in 2021 and rebounding to approximately 8% in 2024, with cross-border flows amounting to roughly 5% of GDP. The IMF recommends that Nepal establish a cryptocurrency regulatory framework aligned with international standards, strengthen monitoring of stablecoins and unbacked crypto assets to prevent circumvention of capital controls and large-scale deposit outflows, and urges Nepal to complete the FATF action plan and exit the “gray list.”
Mark Cuban and Michael Burry Warn of AI Bubble Risks, Comparing Nvidia's Financing Model to the Dot-Com Era
Odaily News: Investor Mark Cuban and "The Big Short" investor Michael Burry have recently issued warnings about valuation risks in Nvidia (NVDA) and AI stocks. Cuban stated on X that the current AI capital cycle bears similarities to the dot-com bubble of the 1990s, arguing that Nvidia is playing the role the IPO market did back then, fueling continuous capital inflows by supporting customers' purchases of AI chips.Burry, meanwhile, has focused on the rising cost of Nvidia's credit default swaps (CDS), noting that the scale of the "circular financing" driven by Nvidia is expanding. He believes that some AI demand relies on financing support, and future revenue may be built on complex capital cycles.Earlier, Nvidia's stock price fell approximately 5% in a single day, erasing about $250 billion in market value. The IMF and the Bank for International Settlements have also previously flagged potential systemic risks from AI circular financing. However, Nvidia CEO Jensen Huang dismissed such criticism as "absurd." (TheStreet)
Nigerian President Signs Executive Order to Establish Virtual Assets Committee and Coordinate Crypto Regulation
Odaily News: Nigerian President Bola Ahmed Tinubu has signed an executive order to coordinate virtual asset regulation, enhance cooperation between the country's financial, tax, and capital market institutions, and address the fragmentation of digital asset regulation. The executive order establishes a Virtual Assets Committee composed of heads from Nigeria's major financial regulatory agencies to guide relevant policies. Nigeria's tax authority will update digital asset policies and provide more details on the impact on taxpayers. Bayo Onanuga, Special Adviser to the President, stated that the executive order does not create new regulatory agencies nor transfer powers between agencies; each institution retains its statutory duties and independence, and registration requirements will be determined based on the nature of the activity and the assets involved. A June report from the International Monetary Fund (IMF) shows that since 2019, Nigeria has accounted for approximately 60% of stablecoin inflows in Sub-Saharan Africa; between July 2023 and June 2024, the country's cryptocurrency inflows reached approximately $59 billion.
IMF Calls on Nepal to Establish Crypto Regulatory Framework, Citing Rapid Growth in Crypto and Stablecoin Inflows in Recent Years
The International Monetary Fund (IMF) stated in its latest annual assessment of Nepal that, despite Nepal’s comprehensive ban on cryptocurrency transactions and mining since 2021, inflows of cryptocurrencies and stablecoins grew rapidly between 2019 and 2024—peaking at over 13% of GDP in 2021 and rebounding to approximately 8% in 2024, with cross-border flows amounting to roughly 5% of GDP. The IMF recommends that Nepal establish a cryptocurrency regulatory framework aligned with international standards, strengthen monitoring of stablecoins and unbacked crypto assets to prevent circumvention of capital controls and large-scale deposit outflows, and urges Nepal to complete the FATF action plan and exit the “gray list.”
Mark Cuban and Michael Burry Warn of AI Bubble Risks, Comparing Nvidia's Financing Model to the Dot-Com Era
Odaily News: Investor Mark Cuban and "The Big Short" investor Michael Burry have recently issued warnings about valuation risks in Nvidia (NVDA) and AI stocks. Cuban stated on X that the current AI capital cycle bears similarities to the dot-com bubble of the 1990s, arguing that Nvidia is playing the role the IPO market did back then, fueling continuous capital inflows by supporting customers' purchases of AI chips.Burry, meanwhile, has focused on the rising cost of Nvidia's credit default swaps (CDS), noting that the scale of the "circular financing" driven by Nvidia is expanding. He believes that some AI demand relies on financing support, and future revenue may be built on complex capital cycles.Earlier, Nvidia's stock price fell approximately 5% in a single day, erasing about $250 billion in market value. The IMF and the Bank for International Settlements have also previously flagged potential systemic risks from AI circular financing. However, Nvidia CEO Jensen Huang dismissed such criticism as "absurd." (TheStreet)
IMF: Brazil's Crypto Cross-Border Fund Flows Have Surpassed Traditional Capital Movements
In its financial system stability assessment report released this month, the International Monetary Fund (IMF) stated that Brazil's cryptocurrency-based cross-border fund flows have been growing steadily since 2017, with their scale now exceeding traditional capital movements. The report indicates that these fund flows are largely driven by stablecoins, which are utilized by both corporations and retail investors for efficiency and tax-related reasons. Stablecoin flows are correlated with international and local investment indicators such as the S&P 500, VIX, and Bitcoin prices, and are also influenced by exchange rates, interest rates, policy uncertainty, and changes in tax policies. The IMF noted that the Central Bank of Brazil has taken measures to regulate the virtual asset service provider (VASP) industry, but gaps remain in areas such as customer legal protection and the segregation of custodial assets. Comprehensive implementation of international standards, including the Travel Rule, is still necessary for anti-money laundering and combating the financing of terrorism (AML/CFT). The report points out that Brazil's crypto system is interconnected with the traditional financial system, and regulators need to collaborate with domestic and international counterparts to establish a more robust reporting framework. The Brazilian Congress is preparing to deliberate on Bill 4308/2024, aimed at regulating the status of stablecoins.
El Salvador 2027 General Election Opposition Candidate Emerges, Bukele's Bitcoin Strategy Faces Political Test
According to BeInCrypto, El Salvador's two major opposition parties have officially nominated candidates for the February 2027 presidential election: the Nationalist Republican Alliance (ARENA) nominated former legislator Maytee Iraheta, while the Farabundo Martí National Liberation Front (FMLN) nominated doctor and union leader Rafael Aguirre. Both candidates clearly oppose Bukele's Bitcoin strategy, characterizing it as a fiscal failure. However, Bukele's approval rating remains as high as 94%, and his New Ideas party has also completed nominations, holding a clear advantage for re-election. It is worth noting that El Salvador revoked Bitcoin's legal tender status in February 2025 after reaching a $1.4 billion loan agreement with the IMF, restoring the US dollar as the sole official currency, but the government still maintains the plan to purchase approximately 1 Bitcoin per day, with holdings reaching approximately 7,730 BTC as of July 27.
The probability of the Bab el-Mandeb Strait being closed before the end of August has risen to 21% on Polymarket.
: On the prediction market platform Polymarket, the probability of the Bab el-Mandeb Strait closing before August 31 has risen to 21%, up from a low of 11% on Monday morning. The probability of a closure before September 30 once rose to 26%. The Yemeni Houthi group, Ansar Allah, has announced a maritime blockade against Saudi Arabia, stating that the operation is based on the principle of "an eye for an eye" and aims to disrupt the flow of Saudi crude oil exports. The relevant passage handles the transit of over 4.5 million barrels of crude oil. The outcome of this prediction contract will be determined based on maritime trade flow data released by the International Monetary Fund (IMF) platform, PortWatch. If the 7-day moving average of vessel arrivals at the Bab el-Mandeb Strait is equal to or less than 10 on any day between the contract's creation and its expiration date, the contract will be resolved as "Yes."
Nigerian President Signs Executive Order to Establish Virtual Assets Committee and Coordinate Crypto Regulation
Odaily News: Nigerian President Bola Ahmed Tinubu has signed an executive order to coordinate virtual asset regulation, enhance cooperation between the country's financial, tax, and capital market institutions, and address the fragmentation of digital asset regulation. The executive order establishes a Virtual Assets Committee composed of heads from Nigeria's major financial regulatory agencies to guide relevant policies. Nigeria's tax authority will update digital asset policies and provide more details on the impact on taxpayers. Bayo Onanuga, Special Adviser to the President, stated that the executive order does not create new regulatory agencies nor transfer powers between agencies; each institution retains its statutory duties and independence, and registration requirements will be determined based on the nature of the activity and the assets involved. A June report from the International Monetary Fund (IMF) shows that since 2019, Nigeria has accounted for approximately 60% of stablecoin inflows in Sub-Saharan Africa; between July 2023 and June 2024, the country's cryptocurrency inflows reached approximately $59 billion.
IMF: Tokenization Could Reshape Global Financial Architecture, Policy Choices Crucial
According to a post on the official blog of the International Monetary Fund (IMF), Tobias Adrian, Director of the IMF's Monetary and Capital Markets Department, wrote that asset tokenization is not merely a technical upgrade but will fundamentally alter the structure of the global financial system. When financial assets are transferred to shared digital ledgers, the three major processes of execution, clearing, and settlement can be completed simultaneously, and risks will shift centrally from the balance sheets of institutions such as banks to platforms and smart contracts. The article also warns that while tokenization eliminates friction, it also removes buffer mechanisms, leading to real-time liquidity demands and accelerated risk transmission. For emerging market countries, the risks of rapid cross-border capital flows and erosion of monetary sovereignty are particularly prominent. The IMF emphasized that current policy choices will determine whether tokenized finance strengthens or fragments the global financial system, and countries need to establish coordination mechanisms as soon as possible on core issues such as the roles of public and private money, interoperability, legal frameworks, and liquidity support.
Related news
Mark Cuban and Michael Burry Warn of AI Bubble Risks, Comparing Nvidia's Financing Model to the Dot-Com Era
Odaily News: Investor Mark Cuban and "The Big Short" investor Michael Burry have recently issued warnings about valuation risks in Nvidia (NVDA) and AI stocks. Cuban stated on X that the current AI capital cycle bears similarities to the dot-com bubble of the 1990s, arguing that Nvidia is playing the role the IPO market did back then, fueling continuous capital inflows by supporting customers' purchases of AI chips.Burry, meanwhile, has focused on the rising cost of Nvidia's credit default swaps (CDS), noting that the scale of the "circular financing" driven by Nvidia is expanding. He believes that some AI demand relies on financing support, and future revenue may be built on complex capital cycles.Earlier, Nvidia's stock price fell approximately 5% in a single day, erasing about $250 billion in market value. The IMF and the Bank for International Settlements have also previously flagged potential systemic risks from AI circular financing. However, Nvidia CEO Jensen Huang dismissed such criticism as "absurd." (TheStreet)
IMF: Brazil's Crypto Cross-Border Fund Flows Have Surpassed Traditional Capital Movements
In its financial system stability assessment report released this month, the International Monetary Fund (IMF) stated that Brazil's cryptocurrency-based cross-border fund flows have been growing steadily since 2017, with their scale now exceeding traditional capital movements. The report indicates that these fund flows are largely driven by stablecoins, which are utilized by both corporations and retail investors for efficiency and tax-related reasons. Stablecoin flows are correlated with international and local investment indicators such as the S&P 500, VIX, and Bitcoin prices, and are also influenced by exchange rates, interest rates, policy uncertainty, and changes in tax policies. The IMF noted that the Central Bank of Brazil has taken measures to regulate the virtual asset service provider (VASP) industry, but gaps remain in areas such as customer legal protection and the segregation of custodial assets. Comprehensive implementation of international standards, including the Travel Rule, is still necessary for anti-money laundering and combating the financing of terrorism (AML/CFT). The report points out that Brazil's crypto system is interconnected with the traditional financial system, and regulators need to collaborate with domestic and international counterparts to establish a more robust reporting framework. The Brazilian Congress is preparing to deliberate on Bill 4308/2024, aimed at regulating the status of stablecoins.
El Salvador 2027 General Election Opposition Candidate Emerges, Bukele's Bitcoin Strategy Faces Political Test
According to BeInCrypto, El Salvador's two major opposition parties have officially nominated candidates for the February 2027 presidential election: the Nationalist Republican Alliance (ARENA) nominated former legislator Maytee Iraheta, while the Farabundo Martí National Liberation Front (FMLN) nominated doctor and union leader Rafael Aguirre. Both candidates clearly oppose Bukele's Bitcoin strategy, characterizing it as a fiscal failure. However, Bukele's approval rating remains as high as 94%, and his New Ideas party has also completed nominations, holding a clear advantage for re-election. It is worth noting that El Salvador revoked Bitcoin's legal tender status in February 2025 after reaching a $1.4 billion loan agreement with the IMF, restoring the US dollar as the sole official currency, but the government still maintains the plan to purchase approximately 1 Bitcoin per day, with holdings reaching approximately 7,730 BTC as of July 27.
The probability of the Bab el-Mandeb Strait being closed before the end of August has risen to 21% on Polymarket.
: On the prediction market platform Polymarket, the probability of the Bab el-Mandeb Strait closing before August 31 has risen to 21%, up from a low of 11% on Monday morning. The probability of a closure before September 30 once rose to 26%. The Yemeni Houthi group, Ansar Allah, has announced a maritime blockade against Saudi Arabia, stating that the operation is based on the principle of "an eye for an eye" and aims to disrupt the flow of Saudi crude oil exports. The relevant passage handles the transit of over 4.5 million barrels of crude oil. The outcome of this prediction contract will be determined based on maritime trade flow data released by the International Monetary Fund (IMF) platform, PortWatch. If the 7-day moving average of vessel arrivals at the Bab el-Mandeb Strait is equal to or less than 10 on any day between the contract's creation and its expiration date, the contract will be resolved as "Yes."
Nigerian President Signs Executive Order to Establish Virtual Assets Committee and Coordinate Crypto Regulation
Odaily News: Nigerian President Bola Ahmed Tinubu has signed an executive order to coordinate virtual asset regulation, enhance cooperation between the country's financial, tax, and capital market institutions, and address the fragmentation of digital asset regulation. The executive order establishes a Virtual Assets Committee composed of heads from Nigeria's major financial regulatory agencies to guide relevant policies. Nigeria's tax authority will update digital asset policies and provide more details on the impact on taxpayers. Bayo Onanuga, Special Adviser to the President, stated that the executive order does not create new regulatory agencies nor transfer powers between agencies; each institution retains its statutory duties and independence, and registration requirements will be determined based on the nature of the activity and the assets involved. A June report from the International Monetary Fund (IMF) shows that since 2019, Nigeria has accounted for approximately 60% of stablecoin inflows in Sub-Saharan Africa; between July 2023 and June 2024, the country's cryptocurrency inflows reached approximately $59 billion.
IMF Warns: USD Stablecoins Could Trigger "Bank Run" Risk During Crisis
The report points out that USD-pegged stablecoins can improve foreign exchange accessibility and reduce transaction costs in environments where banks or official foreign exchange markets cannot meet USD demand; however, during crisis periods, stablecoin prices can serve as real-time signals of USD shortage, accelerating large-scale transfers of funds from local currency to USD assets, triggering systemic risks similar to "bank runs".