Moody’s предупредили о системных рисках, связанных с быстрым ростом стейблкоинов в развивающихся странах Translation: Moodys Warned of Systemic Risks Associated with Rapid Growth of Stablecoins in Emerging Markets

The rapid growth of cryptocurrency adoption in developing nations, including stablecoins, poses risks to monetary sovereignty and financial stability. This warning comes from a report by Moody’s, a ratings agency.

The proliferation of fiat-backed cryptocurrencies could weaken central banks’ control over interest rates and currency exchange rate stability, experts from the agency cautioned. They have labeled this trend as «cryptocurrency-ization.»

In this context, banks may face a decline in deposits if individual savers move their funds into stablecoins or crypto wallets.

Moody’s highlighted that one of the main challenges in this domain is the fragmented regulatory landscape. Less than a third of countries have implemented comprehensive regulations for digital assets.

Significant progress has been made by major global economies such as the US and the EU, which have respectively adopted the GENIUS Act and the MiCA regulation. In these regions, cryptocurrencies are primarily viewed as investment vehicles.

In developing countries, digital assets are widely utilized to enhance the accessibility of financial services, facilitate remittances, enable mobile payments, and serve as a hedge against inflation.

“The lack of a comprehensive regulatory framework increases vulnerability to financial instability, particularly in jurisdictions experiencing rapid growth and high rates of digital currency adoption,” experts from the agency warned.

The increasing use of stablecoins, despite their perceived security, carries systemic vulnerabilities, Moody’s pointed out.

“Insufficient oversight could lead to reserve flight and force governments to undertake costly rescue measures in the event of a peg collapse,” the report’s authors believe.

It is worth noting that the anticipated wave of stablecoin launches in the US could turn into a zero-sum competition, according to conclusions drawn by JPMorgan.