The rise of the stablecoins threatens to accelerate the leakage of deposits in emerging markets. According to Standard Chartered, the progress of these digital assets – founded by more flexible policies in the US – would have a special impact in countries with unstable currencies such as Argentina.
The rise of the stablecoins backed by the dollardriven by the most favorable approach to Donald Trump towards cryptocurrenciescould cause a deposit output by up to U $1 billion from emerging economies banks in the coming years, according to a Standard Chartered report.
Currently, near the 99% of stablecoins are linked to the dollarwhich makes them, into practice, Bank accounts in dollars increasingly attractive in countries with exchange or inflationary crisis history, as the case of Argentina. It is worth remembering, according to the last chainysis report, which In Latin America, the adoption of cryptocurrencies grew by 42.5% in 2024, and much of that growth was driven by the use of Stablecoins.
The region received more than 415 billion dollars in cryptoactives and Argentina appears as one of the leading countries in this movement. The country received more than 91 billion dollars, a figure that reflects the magnitude of interest in these assets, in particular, the use of Stablecoins, this type of currencies represents 61.8% of the transaction volume in Argentina, even exceeding Brazil and well above the global average, which is around 44.7%.
The British bank, with a strong presence in development markets, warns that so much Companies as individuals They could choose to protect their money on Stablecoins digital wallets rather than in traditional local banks.
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“We estimate that around US $1 could leave emerging market banks and migrate to stable currencies in the next three years,” said the report released Monday.
Although the New American regulations on cryptocurrencies They seek to limit that phenomenon – providing that the regulated Stablecoins emitters offer yields as if they were bank accounts – the attractiveness of these assets It will remain high in countries where “The return of capital matters more than capital yield”according to the entity.
What is the projection of the Standard Chartered
Standard Chartered projects that the use of stable currencies such as Savings vehicle in developing economies It will grow up to US $1.22 billion around 2028compared to US $Current 173,000 million.
Although the amount would be significant, he would barely represent 2% of bank deposits in the 16 countries identified as more vulnerable To this type of capital escape, among them Egypt, Pakistan, Bangladés, Sri Lanka, Kenya, Morocco, Turkey, India, China, Brazil and South Africa.
“Many of these economies – with the exception of China – present Twin deficits and high sensitivity to global risk aversion movements, which makes them prone to strong depreciation of your coins”, Concludes the report.
Source: Ambito
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