BISPapers
No170
Theimpactofstablecoinson
theinternationalmonetary
andfinancialsystem
byIñakiAldasoro,JonFrostandHiroIto
MonetaryandEconomicDepartment
May2026
JELclassification:E40,F31,F38,G12,G15,G23,O32
Keywords:Stablecoins,foreignexchange,capitalflows,
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