Stablecoins: The $393 Billion Crypto Craze Threatening Banks

The article discusses the potential impact of stablecoins on the financial system, specifically in international money transfers and domestic retail payments. The IMF paper explores how stablecoins could be useful in settling payments more quickly and cheaply, and there have been predictions of rapid global growth in stablecoins. However, concerns have been raised about potential financial risks, including money laundering and the impact on short-term US Treasury bonds.