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US stablecoins threaten emerging markets’ monetary sovereignty: IMF official

By Estefano Gomez · Published April 20, 2026 · 2 min read · Source: Crypto Briefing
RegulationStablecoinsMarket Analysis

Central bankers, including IMF Deputy Managing Director Gita Gopinath, are warning that US dollar-pegged stablecoins pose a threat to monetary sovereignty in emerging markets. The odds of a USDC depeg event by December 31, 2027, sit at 3.6% YES on Polymarket.

Gopinath and other central bankers argue that dollar-pegged stablecoins could cause deposit flight from local banks and weaken central banks’ control over money supply and inflation. The market for a USDC depeg by December 31 holds at 3.6% YES across multiple sub-markets, each 257 days from resolution.

Trading volume is at $0 in face value. Traders aren’t pricing in imminent instability from these warnings. But the absence of liquidity means even small trades could move these markets sharply if regulatory action follows.

Stablecoin adoption is concentrated in emerging markets: 66% of the $290 billion global supply is held in these regions, often to hedge local currency volatility or facilitate cross-border payments. Regulatory scrutiny prompted by these warnings could affect depeg odds. A YES share at 3.6¢ pays $1 if a depeg occurs, a 27.8x return.

Watch for regulatory changes from US policymakers and statements from Circle CEO Jeremy Allaire or Tether CEO Paolo Ardoino. Either could shift market sentiment or trigger price moves in these contracts.

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