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IMF Warns Dollar-Backed Stablecoins May Weaken Central Bank Authority

The International Monetary Fund warned on Thursday that stablecoins could accelerate currency substitution in nations with fragile monetary systems, undermining central banks' control over capital flows. The IMF noted that the growth of dollar-backed stablecoins and their ease of cross-border use may drive individuals and businesses in economically unstable regions to favor U.S. dollar stablecoins over local currencies.
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