Researchers at the Bank for International Settlements (BIS) have published findings indicating that dollar-backed stablecoin inflows across more than 130 economies remain largely unaffected by capital controls. The study highlights a growing challenge for emerging-market governments, as these digital tokens continue to gain traction in regions facing inflation, weak currencies, and limited access to foreign exchange.
The BIS analysis compared stablecoin inflows with traditional foreign-currency bank deposits to examine how households and businesses gain exposure to the U.S. dollar during financial stress. Both channels expanded alongside sovereign crises and banking problems, but only bank deposits showed a clear response to capital flow restrictions. Stablecoins, by contrast, can move through crypto exchanges, peer-to-peer markets, and self-hosted wallets without passing through domestic banks, effectively circulating "outside the regulatory perimeter."
The report warns that dollar-pegged tokens could weaken monetary sovereignty if households and companies increasingly store or transact in U.S. dollars beyond regulated banks. In Nigeria, for example, stablecoins accounted for over 65% of cross-border crypto inflows in 2024, with total inflows nearing the value of recorded remittances by 2025. Tether (USDT) and USD Coin (USDC) are widely used for remittances, trade settlement, and import payments. Similar patterns were observed in Latin America, where stablecoin payment volume rose 81% year-over-year in the first half of 2026, and stablecoins represented 40% of regional crypto purchases in 2025, surpassing Bitcoin for the first time.
The BIS suggests that existing controls, designed for bank deposits, struggle to contain stablecoin dollarization because the tokens have bearer-like features and can be transferred without financial intermediaries. While blocking domestic intermediaries from handling unapproved stablecoins may limit some transactions, the researchers consider such measures imperfect. The study also found that deposit dollarization and stablecoin dollarization tend to persist once established and can expand simultaneously rather than replacing each other. With stablecoin market capitalization rising to about $309.7 billion, the findings add urgency to calls for controls specifically designed for blockchain-based assets.
