Research from the Bank of Korea shows that dollar-backed stablecoins can put downward pressure on national currencies when exchanges offer direct fiat trading pairs, with Binance pairings reducing local stablecoin premiums by 0.33 to 0.38 percentage points.
The United States Treasury and Japanese government coordinated currency market intervention to halt the yen's slide to its lowest level against the dollar in 40 years, marking Washington's first yen-buying intervention since 2011. The Federal Reserve Bank of New York executed the operation through Goldman Sachs and Morgan Stanley.
European Central Bank board member Isabel Schnabel stated that increased stablecoin use could reinforce the dollar's global dominance, undermine some nations' monetary policy autonomy, and diminish the role of the euro.
French Finance Minister publicly supports euro-pegged stablecoin initiatives under MiCA framework and urges European banks to expand euro stablecoins and tokenized deposits as dollar-pegged supply exceeds $300 billion.
