Fed paper charts cyclical dollar share in global bonds; EM issuers at 80% in 2024

A Federal Reserve discussion paper finds the dollar’s share of international bond issuance has moved in waves over six decades, with a post‑2008 rebound; as of 2024, emerging‑market borrowers still have about 80% of outstanding international bonds in dollars. DefiLlama data show stablecoins grew to $309.6 billion from $205.5 billion in December 2024, led by USDT and USDC.