Stablecoins: ¿Infraestructura financiera o herramienta geopolítica?

Stablecoins have emerged as a cornerstone of the global financial system in 2025, simultaneously enabling unprecedented financial inclusion and serving as a tool for geopolitical manipulation. Their dual role-facilitating cross-border remittances for the unbanked while enabling sanctions evasion by sanctioned regimes-has sparked a critical debate: Are stablecoins a neutral infrastructure for value transfer, or are they inherently entangled in the power dynamics of the 21st century?

Financial Inclusion: The Infrastructure Argument

Stablecoins have become the backbone of modern financial infrastructure, particularly in regions with underdeveloped banking systems. By August 2025, stablecoins accounted for 30% of all on-chain crypto transaction volume, with an annualized volume exceeding $4 trillion ( according to financial data). This growth is driven by their ability to offer faster settlements, lower fees, and 24/7 availability, making them ideal for cross-border remittances and treasury management.

In countries like India, the United States, and Brazil, stablecoins are bridging gaps in traditional finance. Platforms such as BVNK processed $30 billion in annualized stablecoin payment volume in 2025, while fintechs like Deel and Rapyd integrate stablecoins to streamline international B2B transactions ( as reported by BVNK). Traditional institutions, including Banking Circle, are even issuing regulated stablecoins to offer smart contract-enabled services like escrow and treasury management ( according to Fireblocks).

Regulatory clarity has further accelerated adoption. The U.S. GENIUS Act, passed in July 2025, established a federal framework requiring stablecoin issuers to hold high-quality liquid reserves and undergo monthly public attestations ( as detailed in regulatory analysis). This legislation not only legitimizes stablecoins as infrastructure but also addresses risks like reserve mismanagement and liquidity constraints.

Geopolitical Tool: The Sanctions Evasion Dilemma

Yet, the same attributes that make stablecoins valuable for financial inclusion-pseudonymity, borderless access, and programmability-also make them attractive for illicit activities. In Q4 2025, stablecoins accounted for 84% of illicit crypto transaction volume, totaling $154 billion ( according to financial data). This shift from Bitcoin's earlier dominance in illicit activity reflects stablecoins' practicality for transacting value without price volatility.

Sanctioned regimes have weaponized stablecoins to bypass Western financial systems. Russia's A7A5 ruble-backed token, launched in February 2025, processed $93.3 billion in transactions by early 2026, enabling state-sponsored evasion of sanctions ( according to financial data). Similarly, Iran and North Korea have leveraged stablecoins to fund their economies and evade U.S. and EU restrictions.

Regulators are struggling to keep pace. While the GENIUS Act mandates AML/CFT compliance and reserve transparency ( as detailed in regulatory analysis), the decentralized nature of stablecoin networks allows bad actors to exploit jurisdictional gaps. For instance, Russia's A7A5 token operates on a hybrid model, combining centralized reserve management with decentralized distribution channels to evade scrutiny ( according to regulatory analysis).

The Duality of Stablecoins: A Tension Between Innovation and Control

The paradox of stablecoins lies in their neutrality as technology. They are neither inherently good nor bad; their impact depends on how they are designed, regulated, and used. For financial inclusion, stablecoins democratize access to global markets, enabling unbanked populations to participate in the digital economy. For geopolitics, they empower sanctioned regimes to circumvent traditional financial chokepoints.

This duality creates a regulatory tightrope. Overly restrictive policies could stifle innovation and push stablecoin activity into unregulated black markets, while lax oversight risks enabling systemic financial crime. The GENIUS Act and similar frameworks in the EU and Singapore aim to strike this balance by enforcing transparency without stifling utility ( according to regulatory analysis). However, as Chainalysis notes, 86% of firms report their systems are ready for scalable stablecoin integration, suggesting that adoption will outpace regulation ( according to industry analysis).

Investment Implications: Navigating the Dual Role

For investors, stablecoins represent a high-growth asset class with significant upside in financial infrastructure but inherent risks from geopolitical misuse. Key considerations include:
1. Adoption Trends: The integration of stablecoins into traditional finance (e.g., Worldpay, Thunes) signals long-term infrastructure value.
2. Regulatory Risks: Sanctions evasion and AML failures could trigger crackdowns, as seen with the GENIUS Act's reserve requirements ( according to regulatory analysis).
3. Geopolitical Exposure: Investors must assess the risk of stablecoin projects being weaponized by authoritarian regimes, particularly in high-risk corridors like Russia-Iran-North Korea.

Conclusion

Stablecoins are both a financial revolution and a geopolitical wildcard. Their ability to democratize access to global markets is undeniable, but their role in enabling sanctions evasion underscores the need for robust, adaptive regulation. As the line between infrastructure and tool blurs, the future of stablecoins will hinge on whether the world can harmonize innovation with accountability. For now, the dual role of stablecoins remains a defining tension of the digital age.