A new report explores how Stablecoins are shifting from speculative tools to real settlement infrastructure—reshaping remittances, trade finance, and RWAs. The core tension: enable innovation while avoiding “digital dollarization” and preserving monetary autonomy.
1. Sovereignty vs. Dollarization — USD-pegged coins dominate cross-border flows. Without competitive local-currency issuance, economies risk ceding payments to foreign rails. Policy design (issuer type, reserve quality, redemption SLAs) is the control surface.
2. Design Trade-offs — High-quality liquid asset reserves, transparent attestations/PoR, and programmable compliance reduce systemic risk while keeping cash-like utility. Bank-funding displacement is manageable with caps, buffers, and clear redemption frameworks.
3. Real-Economy Pull — Stablecoins are becoming the “cash leg” for tokenized settlement (DvP), B2B payments, and corridor remittances—where speed, finality, and reconciliation beat legacy systems.