The geoeconomic impact of stablecoin use as a means of payment by state and non-state actors (2022–2026) (Política Internacional)

Summary

• Total costs for stablecoin cross-border remittances range between 0.5% and 3.0%, compared to 9.50% for traditional banking channels.p.8
• China accumulated 3.48 billion transactions in digital yuan worth 16.7 trillion yuan through late November 2025, which represented only 0.16% of its M0 money supply.p.15

Key insights

1. Stablecoins function simultaneously as instruments of silent digital dollarization, vectors for expanding US monetary power, and mechanisms for resisting Western sanctions.p.2
2. More than 90% of crypto asset order book trades are denominated in off-chain fully-collateralized stablecoins rather than fiat currency.p.12
3. US dollar-denominated tokens comprise over 97% of total stablecoin issuance, whereas euro-denominated stablecoins remained below €350 million in late 2025.p.12
4. Argentina experienced rapid growth in retail stablecoin transfers as residents sought hedges against annual inflation rates exceeding 143% in late 2024.p.12
5. The US GENIUS Act restricts eligible stablecoin reserve assets to cash, short-term T-bills under 93 days, and overnight repos, steering ecosystem capital into US public debt.p.13
6. Tether generated over $10,000 million in net profit in 2025, largely derived from interest on its US Treasury bills portfolio.p.14
7. Reserve demand from Tether reduces short-term US Treasury debt yields by 14 to 24 basis points, yielding approximately $15,000 million in annual interest savings for the US government.p.15
8. In response to digital dollar dominance, the Hong Kong Monetary Authority introduced its Stablecoin Ordinance and granted its first two licenses to HSBC and Anchorpoint Financial.p.15