Digital Dollarization stories

Jul 22, 2026

Bank for International Settlements study finds dollar-backed stablecoins largely unaffected by capital controls in emerging markets

The BIS published research finding that USD-pegged stablecoins like USDT and USDC are largely unaffected by capital controls across 130+ economies, creating new channels for digital dollarization that challenge traditional monetary policy tools in emerging markets.

Jul 22, 20269 sources

Top claims

▪The Bank for International Settlements study attributes the resilience of stablecoins against capital controls to their circulation on public blockchains and in unhosted wallets outside the traditional regulatory perimeter
▪The Bank for International Settlements study found that dollar-backed stablecoins create a form of digital dollarization that is largely unaffected by capital controls or foreign exchange restrictions
▪The total supply of US dollar-linked stablecoins reached approximately $292.6 billion on July 21, 2026, up from approximately $253 billion one year earlier, according to The Block's data dashboard

Subtopics

Capital controls1 Central Bank Digital Currencies (CBDCs)1 Payments1 Stablecoin regulation1 Stablecoins1

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