Morning Edition · Wednesday, July 22, 2026Published at 1:32 AM EDT · New York
BIS Warns Dollar Stablecoins Are Slipping Past Emerging-Market Capital Controls
The Bank for International Settlements found stablecoin flows barely respond to the currency restrictions that constrain bank deposits, deepening dollarization risk.
The Bank for International Settlements (BIS), the Basel-based institution owned by central banks, reported that dollar-backed stablecoins are largely insensitive to capital controls, raising the risk that they weaken monetary sovereignty in…
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Dollar Stablecoins Erode Emerging-Market Monetary Sovereignty
Dollar-pegged stablecoins keep bypassing capital controls and pulling emerging-market savers into digital dollars, weakening local monetary policy and forcing authorities toward blockchain-specific controls or their own digital currencies.
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